Renewable energy green shoots for Gippsland
Joint venture backs post-coal transition for La Trobe Valley
Octopus Australia and the CEFC have entered into a joint venture to develop renewable energy assets that will help the Gippsland region power its transition into a green superpower. Projects delivered through the landmark joint venture will boost the Gippsland economy following bushfires, drought and the decline of local industries including timber and coal based generation.
Solar + storage
Gippsland has its roots in the electricity industry, and these projects help the region continue that journey. Through its investments, the CEFC has helped Australia’s renewable energy sector achieve rapid growth in recent years, delivering substantial amounts of clean energy across Australia. This experience will be critical as we develop these renewable energy assets for Gippsland.Sam ReynoldsOctopus Australia Managing Director
Together with Octopus Investments, the CEFC is backing the development of the Gippsland Renewable Energy Park, to deliver clean energy to the National Electricity Market and replace the fossil fuel supply that will be lost when the Yallourn coal fired power station closes.
The joint venture has attracted investment in the Gippsland Renewable Energy Park from leading superannuation fund Hostplus, which is participating via an Octopus Australia-managed platform. The Hostplus investment represents a pioneering investment by a super fund in an early-stage renewable energy project.
Octopus Investments Australia is a subsidiary of the Octopus Group. Founded in 2000, it is one of the world’s largest investors in clean energy with over $6 billion deployed across more than 300 projects. Octopus entered Australia in 2018 and is currently managing over $1billion of renewable assets domestically.
With the early retirement of the Yallourn coal fired power station, the Octopus-CEFC joint venture is investing in a suite of new energy generation to provide a stronger, cleaner grid with lower cost electricity.
The Gippsland Renewable Energy Park is a multi-staged project and will investigate the deployment of various technologies at utility scale, including solar, wind, battery storage and the potential of green hydrogen.
Hostplus, one of Australia’s largest superannuation funds, will invest in the development via an Octopus Australia-managed platform – a pioneering investment by a super fund in an early-stage renewable energy project.
The site is in the heart of the proposed Gippsland Renewable Energy Zone, with the project planned to co-exist with existing grazing activities. Octopus Australia estimates that construction and development of the Gippsland Renewable Energy Park will generate several hundred jobs in a region that has been hit by bushfires and the decline of local industries including timber and coal-based generation.