The two funds have taken stakes in Atmos Renewables in a move that expands their infrastructure portfolios and increases exposure to contracted energy assets across multiple markets and technologies.
AMP’s investment has helped fund two major initiatives: the financial close of the 100 MW/400 MWh Merredin Battery Energy Storage System in Western Australia and the acquisition of the remaining interest in the 316 MW Hornsdale Wind Farm in South Australia.
AMP Super’s head of private markets, Gavin Mork, said the deal fits the fund’s broader investment approach.
“This is a high-quality, strategic investment that aligns with AMP Super’s approach to identify emerging infrastructure opportunities that complement our broader diversified portfolio,” Mork said.
“The investment supports Australia’s energy transition and, importantly for our members, the valuation is compelling. We expect it will deliver long-term value.
“It also builds on another strong year for AMP Super where our diversified investment strategy delivered returns of up to 14.1 per cent for members.”
Speaking to InvestorDaily, Mork said AMP Super’s investment decisions have always been guided by a disciplined, long-term strategy focused on delivering sustainable value for members.
“Every opportunity is assessed through this lens to ensure it strengthens our diversified portfolios and delivers accretive value,” he said.
“As part of this approach, we’ve built the capability to deploy allocations to co-investments – such as Atmos – but will do so selectively, assessing each on its individual merits.”
The move comes as Cbus Super also announced an equity stake in Atmos Renewables in a bid to strengthen its infrastructure portfolio, deliver sustainable long-term returns for members and support the nation’s energy transition.
The Cbus investment, also made in partnership with existing fund investment manager Igneo Infrastructure Partners, has increased its exposure to contracted renewable energy assets across multiple markets and technologies.
Atmos operates and is developing 18 renewable energy assets with a combined capacity of 1.5 gigawatts, spanning the National Electricity Market and the wholesale electricity market.
Its portfolio includes projects in Queensland, NSW, Victoria, Tasmania, South Australia, and Western Australia.
Under the terms of the deal, Igneo Infrastructure Partners will retain decision-making control of Atmos, which it founded in 2020 to invest in renewable projects across their life cycle.
According to Cbus, the investment will go towards funding two major transactions, the first being the $220 million Merredin Battery Energy Storage System in Western Australia, and the second being the acquisition of the remaining 76.6 per cent stake in the 316-megawatt Hornsdale Wind Farm in South Australia.
