Powering Australian Renewables (PowAR) is an Australian infrastructure
investment fund
An investment fund is a way of investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These advantages inc ...
closely associated with but independent from
AGL Energy
AGL Energy Ltd () is an Australian listed public company involved in both the generation and retailing of electricity and gas for residential and commercial use. AGL is Australia's largest electricity generator, and the nation's largest carbo ...
.
Initial investment in PowAR was $200M from AGL, and up to $800M from each of
QIC Global Infrastructure Fund and the Australian
sovereign wealth fund
A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such ...
, the
Future Fund
The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for politicians and other pu ...
.
PowAR’s initial assets included the
Nyngan Solar Plant
The Nyngan Solar Plant or Farm is one of the largest operating solar plants in Australia. At the time of construction, it was the largest solar plant in the southern hemisphere. It is located 10 km west of Nyngan in western New South Wales ...
and the
Broken Hill Solar Plant
The Broken Hill Solar Plant, which became operational in December 2015, is a 53 megawatt farm located near Broken Hill in western New South Wales
)
, nickname =
, image_map = New South Wales in Australia.svg
, map_caption = Location of N ...
, both developed by AGL Energy in 2015. It added
Silverton Wind Farm and
Coopers Gap Wind Farm soon after, both developed by AGL. In 2021, PowAR was a partner in a consortium formed to take over
Tilt Renewables
Tilt Renewables Pty Ltd is an Australian electricity generation company. It was previously dual listed on the New Zealand stock exchange and Australian stock exchange. As of 2022, the Powering Australian Renewables has merged with Tilt Renewable ...
. PowAR would receive the Australian assets of Tilt Renewables, with
Mercury NZ to receive the New Zealand assets.
As of 2022, PowAR has merged with Tilt Renewables following a complex acquisition and merger, making it the largest private developer and generator of renewable electricity in Australia.
References
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Investment funds