Impact Investment Group (IIG) has announced the launch of a $100 million fund investing in solar power infrastructure, with fund assets expected to provide roughly 9,000 homes with power.
IIG described the new Solar Income Fund as “climate positive”, with IIG chief executive Chris Lock adding that the company is “enormously proud” to be launching a renewable energy infrastructure fund of such “magnitude”.
Solar Income Fund chair Ross Garnaut said the fund would help Australia lessen its carbon output while still meeting investor goals.
“This fund aims to provide attractive and stable returns to investors with positive social and environmental benefits. The IIG Solar Income Fund comes at a crucial time for the renewables sector. Bold steps by investors like IIG will support Australia’s utilisation of its opportunity to be a superpower of the low carbon world economy,” he said
The fund’s assets are expected to reduce carbon emissions by 1.2 million tonnes over the course of the fund’s life, and subsequently protect roughly 16,000 Australians “from pollution-related diseases”.
Construction of the fund’s assets is expected to create 270 jobs.