Australia’s building and construction super fund, Cbus Super, has acquired a 10% stake in the 2.2 GW Star of the South offshore wind project, the most advanced offshore wind project in the country.
This follows Cbus’ investment into Copenhagen Infrastructure Partners (CIP)’s flagship fund, CI IV, which is the majority owner of Star of the South.
Star of the South is to be located off the south coast of Gippsland in Victoria, and has the potential to supply up to 20% of Victoria’s electricity needs, the equivalent of around 1.2m homes.
Cbus Super is one of Australia’s first superannuation funds, with over $73.5bn under management, and Star of the South is its first direct investment in offshore wind in Australia.
“Star of the South will support, establish and grow the offshore wind industry in Australia, while assisting the Victorian Government’s commitment to a net-zero emissions economy,” said Kristian Fok, chief investment officer at Cbus.
Victoria became the first Australian state to set offshore wind goals. Under its offshore wind policy, the Andrews Labor Government set out to procure projects that will generate at least 2 GW of the offshore wind online by 2032 and targets of 4 GW have been set for 2035 and 9 GW for 2040.