Rest supports development of $300m solar farm and battery project
Rest, one of Australia’s largest profit-to-member superannuation funds, has expanded its growing portfolio of renewable energy infrastructure by supporting a major new solar farm and battery project.
Rest has provided capital to develop Octopus Australia’s 80MW Fulham Solar Farm and 128MWh Battery project, alongside the Clean Energy Finance Corporation and clients of Westpac Private Bank.
The project, located in Victoria’s Gippsland region, is valued at approximately $300 million and is one of the first DC-coupled solar and battery hybrid assets in Australia. It is also backed by a power purchase agreement from the Victorian State Government.
Rest’s interim Co-Chief Investment Officer, Simon Esposito, says the commitment to the Fulham Solar Farm and Battery project is through Octopus Australia’s OASIS fund, and builds on Rest’s established portfolio of renewable energy assets.
"As a long-term investor and supporter of Australian infrastructure assets, particularly in the renewable energy sector, we believe our members will benefit from the attractive risk-adjusted return prospects of the Fulham Solar Farm and Battery project, as well as from having additional renewable energy assets in their communities," he says.
"Octopus’s focus on renewables offers a fantastic opportunity for Rest’s 2 million members to benefit from the ongoing decarbonisation of the economy."
Construction on the project has now commenced, with the facility expected to be fully operational in 2027. Once operational the project is expected to generate enough energy to power 39,000 homes.
Construction ceremonially commenced earlier in April with a sod turning event held on site, which was attended by Rest, Octopus Australia, the Honourable Lily D’Ambrosio MP, the Victorian Minister for Energy and Resources and Minister for the State Electricity Commission, and other key project stakeholders.
Rest’s commitment to the project is in addition to its initial commitment to the OASIS fund in 2023.
About Rest
Established in 1988, Rest is one of Australia’s largest profit-to-member superannuation funds, with around 2 million members and around $93 billion in funds under management as at 31 December 2024.
For more information, please visit our media centre or contact:
Michael Mills
Senior Manager, Communications – Media Relations
michael.mills@rest.com.au
m:0428 499 722
Emma Kerswell
Senior Manager, Communications – Consumer and Content
emma.kerswell@rest.com.au
m: 0411 794 206
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