Brighter Super invests in QIC’s green energy business

30 September 2022

Brighter Super is powering ahead with its vision for a sustainable future, investing $40million in QIC-backed Tilt Renewables in a boost to Australia’s ongoing transition to renewable energy.
 
Tilt Renewables was established in 2016 by Queensland Investment Corporation (QIC) and managed co-investors in partnership with AGL Energy, to drive the development of large-scale renewable energy projects across Australia (originally known as the Powering Australian Renewables Fund). 

The company is now Australia’s largest renewable energy business, with 1,314 MW across nine operational assets, a construction asset (Rye Park Wind Farm, 396MW), and a development pipeline of over 3,000MW. In Queensland, Tilt Renewables is developing the Coopers Gap Wind Farm, a 453MW generator in the Western Downs.  

Brighter Super CEO Kate Farrar said the fund was proud of its heritage and commitment to the energy sector, and the long-term investment in wind power would offer stable and secure returns for members while supporting Australia’s energy industry.

“Creating a bright future is more than creating strong retirement outcomes for our members, but also ensuring we create jobs and work to preserve the planet,” Ms Farrar said. 

“Tilt Renewables is doing just that by driving the transition to renewable energy through wind and solar power and creating more energy jobs for the future.

“A brighter future is a greener future, which is why we chose to invest in Tilt Renewables for our members.”

Brighter Super’s investment will support the development of the Rye Park Wind Farm, which is creating 250 jobs during construction and 10 ongoing energy jobs. Utilising 66 Vestas EnVentus V162-6.0MW wind turbines, the project will ultimately supply greener power for the equivalent of 215,000 homes.

The township of Rye Park is just over 100kms from Canberra, located to the north of Yass, New South Wales.

More than 700,000 homes are sustainably powered by Tilt Renewables every year¹, with around 3.2m tonnes of carbon emissions saved². Overall, Tilt Renewables’ generation in FY22 was equivalent to taking around 1.6m cars off the road³.

Tilt Renewables has committed to several programs that support the local community and surrounding farmland, which include grant funding for tree planting, rehabilitation of creeks, fencing, tree lanes, and tertiary study scholarships.

¹ FY22A generation based on avg MWh consumption per home implied by AGL - equivalent to 705,272 ‘homes powered’. Source: AGL / ACIL Allen in CWP Renewables Sustainability Report

² CO2 tonnes - 3,229,436 – based on FY22A generation, with reference to fuel combustion emission factors of brown/black coal and avg heat rate of NEM coal stations from AEMO. Source: 2020-21 AEMO Inputs, Assumptions and Scenarios Workbook and National Greenhouse Accounts 2020: fuel combustion emission factors 

³ CO2 emissions saved converted into ‘cars off the road equivalent’ based on 2020 new car / light vehicle emissions intensity and average annual km travelled from ABS Survey of Motor Vehicles. Source: National Transport Commission CO2 Intensity Report August 2021 and ABS Survey of Motor Vehicle Use, Australia (12 months to June 2020)