Prime Super boosts renewable energy fund

Yasmine Raso

Senior Journalist, Financial Newswire

2 August 2023

Prime Super has bolstered its renewable energy portfolio through the purchase of two additional wind farms in Victoria, bringing the total number owned by the fund to five.

The acquisition of the Chepstowe and Maroona wind farms add to Prime Super’s full ownership of the Mortons Lane wind farm, acquired by the fund in 2021, and the Ferguson and Diapur wind farms, acquired in 2022.

In operation since 2015, Chepstowe Wind Farm has the capacity to export six megawatts (MW), with Maroona Wind Farm operating since 2018 able to export 6.8 MW. The acquisition of these two farms brings the combined energy generation capacity across Prime Super’s wind energy portfolio to 52 MW.

Prime Super’s investment manager, PATRIZIA Infrastructure, said this is enough to power approximately 40,300 homes.

“We look forward to continuing to expand our portfolio of climate-positive assets, and in doing so build on our history of delivering strong, long-term financial returns for our members,” Lachlan Baird, Chief Executive Officer of Prime Super, said.

“Prime Super has an extensive portfolio of direct investments that have a track record of excellent long-term investment performance for the members of the Fund, and we believe these new wind-energy acquisitions will help us continue to deliver strong performance for our members.”

The fund also said the acquisition allows them to continue to support Australia’s renewable energy infrastructure goals.