Project Investments

A diverse range of project investments across energy transition spectrum

Solar

Ark Energy NT Solar Portfolio

What it is

Portfolio of five solar farms. Uterne connected to Alice Springs grid, Yulara supplying the Voyages resort at Uluru, and three community microgrids at Ti Tree, Kalkarindji, and Lake Nash (TKLN solar projects)

Impact it delivers

Community microgrids displace diesel generation (expensive and polluting). Supports remote indigenous communities through investment in critical local infrastructure.

The portfolio displaces ~5,200 tonnes of CO2 emissions and generation approximately 13 GWh a year. TKLN Solar projects provide up to 30% of the average daily electricity consumed at each community

Why we invested

Attractive long-term offtakes for full operating life of projects with high quality counterparties. Infradebt facility has security over underlying projects as well as full parent company guarantee from Korea Zinc.

Investment Snapshot

Finance: $17.8m
Period: Approx 6.5 years
Structure: Senior secured

Phase: Operational

Solar

Lightyears Solar

What it is

Senior secured facility financing a five-asset solar farm portfolio consisting of three operational assets (~7MWac), and two construction projects (~14MWac)

Impact it delivers

In the New Zealand market, particularly in low rainfall years, gas fired generation is the ultimate supply backstop. Through Infradebt financing, the acceleration of construction projects allows hydro to be prioritised for low solar irradiance days/years and in-turn, reduces the utilisation of gas fired generation

The five-asset portfolio will displace approx 1,000 tonnes of CO2 from the NZ electricity grid per year

Why we invested

Unlike Australia, New Zealand’s electricity market combines minimal utility scale and rooftop solar uptake with a 60% hydro dominated generation market. This provides significant opportunities for solar to capture high volatile pricing when rainfall levels are low. The portfolio also benefits from significant level of contracting with major gen-tailers in New Zealand.

Investment Snapshot

Finance: $22m
Period: 3 years
Structure: Senior secured

Phase: 3 projects operational, 2 construction phase projects

Battery

Bouldercombe Battery Project

What it is

50MW/100MWh utility scale battery located near Rockhampton.

Impact it delivers

Why we invested

1st merchant battery with private sector debt finance.

Debt structure tailored to merchant cash flow profile.

Tesla, the most experienced BESS operator in the NEM, was BESS supplier for the project and is responsible for dispatch of the battery using its Autobidder software. Revenues partially underwritten by Tesla for part of the project’s life.

The Infradebt debt facility enabled Genex to commence construction without the requirement for the battery to be highly contracted (a key requirement of mainstream lenders at the time).

Investment snapshot

Finance: $45.3m
Period: Construction plus 12 years
Structure: Senior secured

Phase: Construction plus operations

Battery

Fulham Solar Hybrid Project

What it is

107MWdc/80MWac solar farm with a DC-coupled 64MW/128MWh BESS 10 km west of Sale in Victoria owned by Octopus Investments Australia.

Impact it delivers

The project assists the State in achieving 65% renewable energy by 2030 and is expected to remove 180,000 tonnes of CO2 from the grid. 80 jobs created during construction and four during operations, with 95% of steel sourced from local suppliers.

Why we invested

Octopus is one of Australia’s a leading sponsors and developers of renewable energy projects.

Solar revenues partially contracted to the Victorian Government via the VRET2 program. Solar capacity not covered by the VRET2 offtake traded in the merchant electricity market via the BESS, which can also charge from the grid and provide frequency control ancillary services to the market.

The Infradebt facility enabled Octopus to expedite construction of the project, accommodating the project’s mix of contracted solar and merchant BESS revenues.

Investment snapshot

Finance: $138.8m
Period: Approx. 4.5 years
Structure: Senior secured
Phase: Construction plus short-term bridge

Wind

Prime Renewables

What it is

50MW of wind portfolio (5 projects) and 35MWdc/50MWh Solar and Battery hybrid portfolio (5 projects) owned by Prime Renewables the renewables platform of Prime Super a $7.5bn Australian pension fund.

Impact it delivers

Portfolio assets will contribute to around 163,000 tonnes of avoided CO2 emissions from the Victorian grid. Prime Renewables has established a Community Benefit Fund of $28,344 per year for the life of the projects.

Why we invested

Attractive risk-adjusted return for a portfolio that is well-diversified across technology, offtake counterparties, and revenue structures.

Strong, contracted wind cashflows and upside revenue from battery projects.

Investment Snapshot

Finance: $65m
Period: 7 years
Structure: Senior secured

Phase: Operations

Social Infrastructure

Royal Womens Hospital Public Private Partnership

What it is

Public hospital in Victoria. Project earns an availability payment (eg equivalent to a rent) for provision of hospital building and related services.

Impact it delivers

Australia’s first and largest specialist public hospital dedicated to improving health and wellbeing of women and newborns.

In 2025, RWH provided 288,747 episodes of care and a total of 7,323 babies were born.

Why we invested

Long-term CPI linked cash flows. Low risk as we invested after completion of construction (key risk for a PPP)

Investment Snapshot

Finance: $9.7m
Period: 221 months
Structure: Senior secured project CPI linked bond (that is, debt payments are indexed to inflation)

Phase: Operations

Distributed Energy

Evie Networks

What it is

Evie Networks owns and operates Australia’s largest public EV charging networks with almost 1,000 bays across more than 330 sites Australia-wide.

Impact it delivers

Evie’s network is helping to increase EV uptake, reducing aggregate emissions created by internal combustion engine vehicles. It is estimated to reduce transport CO2 emissions by 19,000 tonnes each year, with the reduction increasing in magnitude as their network continues to expand (given the network size and accessibility are critical to EV uptake).

Why we invested

Access to public EV charging is key enabler of EV uptake and, hence, decarbonisation of light passenger vehicles.

A large network with viable scale and high cash flow visibility capable of supporting an infrastructure-grade debt facility.

The first debt facility of its kind in Australia, designed to support the continued rollout of Evie’s capital expenditure program with appropriate covenants.

Investment snapshot

Finance: $50m
Period: Approx. 5 years
Structure: Senior secured / asset-backed

Phase: Operational portfolio plus capex facility for site expansion

Residential rooftop solar/battery

GTL Renewables

What it is

Portfolio of 2,000+ residential solar and battery systems.

Impact it delivers

Reduces household carbon emissions by enabling the adoption of clean solar and storage energy, which reduces reliance on carbon-intensive grid energy.

Provides grid stabilisation services through the integration of systems via a residential Virtual Power Plant (VPP).

Provides equitable access to clean energy by removing upfront cost barriers through PPA financing, enabling more households to participate.

Lowers overall energy bills for consumers through savings generated from onsite storage and generation.

Supports local job creation in the installation and maintenance of these systems.

Why we invested

GTL has an initial portfolio with stable and diversified cashflows and has demonstrated strong technical capability in both deployment and operations. The facility provides financing against the existing portfolio and includes an additional facility to support further capex expansion.

Investment snapshot

Finance: $30m
Period: 5 years
Structure: Senior Secured Asset backed

Phase: Operational portfolio plus capex facility for future systems.