AGL, the largest generation company and second largest energy retailer in Australia, the Future Fund (sovereign wealth fund of Australia) and QIC Global Infrastructure (public service pension fund of the state of Queensland) have set up the largest renewable energy fund in Australia.
State-owned funds will contribute A$800m to the Powering Australian Renewables Fund (PARF) worth A$2-3bn, while AGL will contribute A$200m. The PARF plans to develop 1,000 MW of renewable energy and will acquire from AGL two existing solar plants with a combined capacity of 155 MW (53 MW Broken Hill solar plant and 102 MW Nyngan PV plant) and two wind projects, at Silverton in New South Wales (first phase of 250 MW with potential 1,000 MW expansion) and at Coopers Gap (350 MW) in Queensland. The 1 GW of new renewable projects will help Australia meet its renewable energy target of 33 TWh by 2020.