HESTA signs platform agreement with ReNu Energy

Oksana Patron

8 June 2023

Australian superannuation fund HESTA has signed a platform agreement for investment in ReNu Energy’s Green Hydrogen Projects.

The agreement will provide the framework for evaluation and co-investment in hydrogen projects developed by ReNu Energy and potential co-investment by ReNu Energy and HESTA in selected hydrogen projects with ReNu Energy responsible for the development and operation of the projects.

The platform agreement would also convert ReNu Energy’s previously announced term sheet into a binding framework for potential investments.

Investment decisions will be made on a project-by-project basis and if the parties agree to progress a Green Hydrogen Project, and jointly invest, the platform agreement would set out the process and framework for the co-investment and funding of projects.

Also, the platform agreement will continue to operate until it is terminated by either party or by HESTA if the agreement caused adverse reputational impact or after at least six months prior notice.

In the announcement made to the Australian Securities Exchange (ASX), ReNu Energy chief investment officer, Sonya Sawtell-Rickson, said the company was looking to invest in the development of “innovative technologies and businesses at the forefront of decarbonization”.

“Hesta has a long-term focus on investing in opportunities arising from the transition to a lower carbon future.

“By using our scale and expertise, we aim to support the development of a pipeline of potential projects that can help deliver strong long-term investment returns for members while accelerating the transition to a more sustainable future,” she said.

“In doing so, we’re also supporting an emerging sector that we believe is poised for significant future growth.”