CBUS SUPER, the Australian building and construction industry super fund, has announced new investments in innovation and solar technology.
A Cbus spokesperson said Cbus "demonstrates its commitment to the building and construction sector by partnering with Brookfield as a cornerstone investor in built environment innovation, alongside a commitment to sustainability with a global investment in Capital Dynamics’ solar projects".
Through its Brookfield partnership, Cbus will invest in technology-enabled, growth-oriented businesses with a strong connection to the built environment, leveraging Brookfield’s significant industry insight and operating capabilities.
The strategy will seek proven business models to invest in, targeting assets with robust revenue growth, strong management teams and limited technology risk. The commitment will capitalise on key built environment themes that have been accelerated by the pandemic, including the need for increased digital connectivity, health and liveability and sustainability.
Cbus chief investment officer, Kristian Fok said, “The market for emerging technology servicing the built environment is growing rapidly and will accelerate post-COVID, primarily across real estate and construction, transport and logistics, and healthcare.
“The disruption caused by COVID-19 has rapidly changed the way businesses operate, with increased reliance on technology and innovative business models as more people work from home. The Brookfield growth technology initiative will invest in the digital transformation of the built environment – linking technology, innovation and disruption.
“The strategy also supports the broader building and construction industry. The significant investment has a number of benefits, including the opportunity to leverage built environment innovation into Cbus’ assets.”
Capital Dynamics, together with Cbus Super and other co-investors, has completed the acquisition of a direct interest in two solar photovoltaic projects from LS Power.
Capital Dynamics’ Clean Energy Infrastructure is one of the largest renewable energy investment managers globally. The portfolio includes a 100 percent interest in Centinela Solar Energy (252 MWdc) located in Imperial County, California and a 30 percent interest in Arlington Valley Solar Energy II (175 MWdc) located in Maricopa County, Arizona.
Kristian Fok said, “This is a significant investment for Cbus, providing our members with strong risk-adjusted returns, underpinned by long-term Power Purchase Agreements with an investment grade counterparty. There is also the opportunity to optimise the assets alongside the deep experience of the Capital Dynamics management team.
“The investment aligns with our commitment to sustainability and reducing emissions, while building on our direct investment strategy to deliver stronger returns for our members.”