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Hostplus powers Gippsland clean energy park
Hostplus has partnered with the Clean Energy Finance Corporation (CEFC) and clean energy investors Octopus Australia to develop renewable energy assets in Gippsland.
In a major boost for energy supply in the region, the Gippsland Renewable Energy Park (GREP) in Victoria would deliver clean energy to the National Electricity Market, to help replace the fossil fuel supply that would be lost when the Yallourn coal fired power station closes.
Hostplus would invest via an Octopus Australia-managed platform to help develop the GREP – a pioneering investment by a super fund in an early-stage renewable energy project. The investment would sit alongside CEFC finance of up to $8.5 million on behalf of the Australian Government.
Octopus Australia would also invest into the project, in collaboration with the investments made by the CEFC and Hostplus.
The GREP development would be a multi-staged project and would investigate the deployment of various technologies at utility scale, including solar, wind, battery storage and the potential of green hydrogen.
The 3,000-hectare GREP site would be in the heart of the proposed Gippsland Renewable Energy Zone (GREZ).
Hostplus chief executive, David Elia said: “Today is an especially historic day for the fund as we announced this morning our commitment to Net Zero by 2050. We’re privileged to take part in this pioneering venture, which has the potential to aid Australia’s transition to a low-carbon economy and generate valuable jobs in Gippsland, all while delivering the potential for strong investment outcomes to our members.”
CEFC CEO, Ian Learmonth, said: “Gippsland has been a powerhouse for the National Electricity Market for many years. This development will contribute to the region’s transition to a clean energy future, while continuing to supply the power that helps keep Australia’s lights on.
“With the planned construction of both solar and storage at the site, the GREP also offers an exciting opportunity for the Gippsland community to benefit from the clean energy economy.
“We are delighted that Hostplus has come on board, building its future green investment pipeline on behalf of its diverse 1.4 million members, and delivering on the CEFC commitment to attract private sector capital to renewable energy developments.”
Octopus Australia managing director, Sam Reynolds said: “We are very excited to be able to work with such well respected partners in bringing the GREP project to life. It is a great opportunity to combine the resources and capital of each group into a collaboration that can build GREP in a way that benefits not only Australia’s clean energy future but equally as importantly, the local Gippsland community.”
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