Lighthouse Infrastructure launches $400m raise for solar and wind fund
Home-grown renewable energy investor Lighthouse Infrastructure is preparing to raise more than $400 million for its energy transition strategy, scouring the country for more solar and wind power assets.
Berkshire Global Advisers is on hand to drum up interest, sources told Street Talk. If successful, the raise would substantially increase the size of Lighthouse’s funds under management to about $1 billion.
Lighthouse acquired the 72MW Emerald Solar Park from Renewable Energy Systems in 2017. AP
The Lighthouse Energy Alternatives Fund invests in large-scale solar and wind assets. It holds two Queensland solar farm generation sites – the 72-megawatt Emerald Solar Park and the 100MW Clare Solar Farm near Ayr. Lighthouse is now seeking to turbocharge their profitability by adding co-located battery energy storage systems, targeting low to mid-teen returns.
The fund will also look to invest in new, large-scale renewable energy opportunities in Australia and offshore, though the immediate focus is on onshore solar and wind projects.
It’ll be interesting to see how much investor interest it finds. Sources said the raise had already attracted interest from institutional investors including superannuation funds and offshore pension funds and insurers.
Australian super funds have ramped up their direct exposure to renewable energy infrastructure over the past decade. These include Rest, which fully owns the Collgar Wind Farm in Western Australia, Aware Super, Cbus and Future Super. Others, such as HESTA, Hostplus and Brighter Super, are indirectly invested in solar and wind projects.
The Lighthouse Solar Fund, since converted to LEAF, was established in 2016 to get in early on Australia’s transition to net zero carbon emissions.
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