UniSuper commits US$400m to Macquarie green fund

UniSuper has made a major green energy commitment, announcing it will be committing up to US$400 million to the Macquarie Green Energy and Climate Opportunities Fund (MGECO).

The fund invests in global energy transition and climate opportunity and UniSUper chief investment officer, John Pearce said the big fund will be a significant investor investing alongside Macquarie’s balance sheet.

MGECO is an open-ended fund that invests in large scale, mature sustainable technologies to support the transition to net zero and help meet sustainable energy needs in Australia and overseas. It aims to provide diversified exposure to the global renewable sector with a growing pipeline of opportunities across geographies, technologies, power markets, renewable resources and asset lifecycle stages.

Pearce said the investment was one of scale and quality with a pipeline of opportunities helping to accelerate the transition to net zero.

“It will enable UniSuper to invest across technologies and geographies in project that we believe will generate attractive long term returns for our members,” he said.