AMP Super backs Atmos Renewables’ growth push

AMP Super has taken a strategic stake in Atmos Renewables, funding major battery and wind farm projects to boost Australia’s clean energy transition.

AMP Super has taken part in a strategic co-investment in Atmos Renewables, supporting the next phase of growth for the Australian renewable energy platform managed by Igneo Infrastructure Partners.

The investment has helped fund two major initiatives: the financial close of the 100-megawatt/400-megawatt-hour Merredin Battery Energy Storage System (MBESS) in Western Australia and the acquisition of the remaining interest in the 316-megawatt Hornsdale Wind Farm in South Australia.

AMP Super’s head of private markets, Gavin Mork, said the deal fits the fund’s broader investment approach.

“This is a high-quality, strategic investment that aligns with AMP Super’s approach to identify emerging infrastructure opportunities that complement our broader diversified portfolio,” Mork said.

“The investment supports Australia’s energy transition and, importantly for our members, the valuation is compelling. We expect it will deliver long-term value.

“It also builds on another strong year for AMP Super, where our diversified investment strategy delivered returns of up to 14.1 per cent for members.”

Speaking to Super Review, Mork said AMP Super’s investment decisions have always been guided by a disciplined, long-term strategy focused on delivering sustainable value for members.

“Every opportunity is assessed through this lens to ensure it strengthens our diversified portfolios and delivers accretive value,” he said.

“As part of this approach, we’ve built the capability to deploy allocations to co-investments – such as Atmos – but will do so selectively, assessing each on its individual merits.”

The move comes as Cbus Super also announced an equity stake in Atmos Renewables, in a bid to strengthen its infrastructure portfolio, deliver sustainable long-term returns for members, and support the nation’s energy transition.

The Cbus investment, also made in partnership with existing fund investment manager Igneo Infrastructure Partners, has increased its exposure to contracted renewable energy assets across multiple markets and technologies.

Atmos operates and is developing 18 renewable energy assets with a combined capacity of 1.5 gigawatts, spanning the National Electricity Market and the wholesale electricity market.

Its portfolio includes projects in Queensland, NSW, Victoria, Tasmania, South Australia, and Western Australia.

Under the terms of the deal, Igneo Infrastructure Partners will retain decision-making control of Atmos, which it founded in 2020 to invest in renewable projects across their life cycle.

According to Cbus, the investment will go toward funding two major transactions, the first being the $220 million Merredin Battery Energy Storage System in Western Australia, and the second being the acquisition of the remaining 76.6 per cent stake in the 316-megawatt Hornsdale Wind Farm in South Australia.