Australian renewables developer Birdwood Energy will partner with Aware Super, one of Australia’s biggest super funds, to set up a joint platform to invest in distributed energy assets.
Dubbed Birdwood Distributed Energy Platform, the new company will target late-stage developments, ready-to-build projects and equity investments in distributed energy businesses. Most of the platform’s assets will be small-scale solar schemes coupled with battery storage capacity but larger projects will be pursued, as well, Birdwood Energy said on Wednesday.
According to local media reports, Aware Capital has made an initial commitment of AUD 300 million (USD 189.6m/EUR 179.3m) to the platform, while it expects its investment to reach up to AUD 2 billion.
Birdwood Distributed is set to service retail, commercial and industrial customers through power purchase agreements (PPAs). Its seed assets are two just-purchased operating solar parks, which the company will work to integrate with battery storage. Separately, the platform is getting ready to build an additional 10 photovoltaic (PV) parks and energy storage systems.
Melbourne-based Birdwood Energy says it manages 4.1 GW of assets across the US, Europe and Australia.
(AUD 1.0 = USD 0.632/EUR 0.598)