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Highlights
- A partnership between Octopus Australia and the CEFC, to build renewable energy assets, has received the backing of Hostplus to construct a large-scale clean energy park in Gippsland.
- The 3000-hectare GREP site lies within the proposed Gippsland Renewable Energy Zone (GREZ).
- The investment will be made in conjunction with CEFC financing of up to AU$8.5 million on behalf of the Australian Government.
A partnership between Octopus Australia and the CEFC (Clean Energy Finance Corporation) to build renewable energy assets, has received the backing of prominent superannuation fund, Hostplus to construct a large-scale clean energy park in Gippsland. This project will expedite the region’s transition to a greener, more eco-friendly future.
Hostplus will support in constructing Gippsland Renewable Energy Park (GREP) through an Octopus Australia-managed platform. This is a first-of-its-kind investment by a super fund in an early-stage renewable energy project.
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The 3000-hectare GREP site lies within the proposed Gippsland Renewable Energy Zone (GREZ).
In addition, the investment will be made in conjunction with CEFC financing of up to AU$8.5 million on behalf of the Australian Government.
Octopus Australia, a subsidiary of the Octopus Group, has been operating in Australia for over four years. On behalf of its investors, it presently manages assets worth more than AU$1 billion in operations and construction.
On the other hand, with AU$76 billion in funds under management, Hostplus is one of Australia’s most significant industrial super funds. Its purpose is to aid Australia’s renewable energy growth.
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The significance of GREP construction
GREP will contribute renewable energy to the National Electricity Market to aid replace the fossil fuel supply that might be lost when the Yallourn coal-fired power station shuts, giving a significant boost to the region’s energy supply.
GREP will be a multi-staged project and will explore the possibilities of green hydrogen and the deployment of several utility-scale technologies such as battery storage, wind and solar.
According to Octopus Australia, the construction of the GREP will create employment in an area that has been impacted by bushfires and the collapse of domestic businesses like coal-based generating and timber.
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Management remark
Ian Learmonth, CEO of CEFC, stated,
Outlook
Following the recent acquisition of the Perry Bridge and Fulham solar farm development projects, both in the Gippsland area, the Octopus Australia and the CEFC joint venture now has an excellent portfolio. The solar farms, together with the GREP project, are an essential part of the new energy generation needed to replace the Yallourn power station, which is scheduled to close in 2028.
