By Nick Hedley
Australian superannuation fund HESTA, which has A$68 billion (US$44 billion) in assets under management, says it will invest up to A$100 million (US$65 million) into green hydrogen projects by ReNu Energy’s Countrywide Hydrogen unit.
“We continue to look for opportunities like this to invest in innovative technologies and businesses that will support the transition to a low carbon future,” HESTA chief investment officer Sonya Sawtell-Rickson said in a statement.
“Investments like this will help create jobs and support communities, while delivering attractive risk-adjusted returns for our members,” Sawtell-Rickson said. “By providing innovative climate solutions, this investment will also serve our members’ best financial interests over the long-term by contributing to an equitable, orderly and timely transition to net zero emissions by 2050 in order to minimize the systemic risks of climate change.”
As per the term sheet agreement, HESTA will be provided a first right of refusal to invest in existing and new projects by Countrywide Hydrogen.
Geoffrey Drucker, Countrywide Hydrogen managing director and ReNu Energy executive director, said: “HESTA’s support will enable the ReNu Energy group to progress its hydrogen projects from concept to production and meet its objective to be the first mover in domestic green hydrogen production to the identified markets of road transport, decarbonizing natural gas networks, and up to 100% green hydrogen use in industrial applications.”