Cbus Super is stepping into the renewable energy sector with a significant equity stake in Atmos Renewables, one of Australia’s leading renewable energy generators. This strategic move aims to deliver sustainable returns for members while bolstering Australia’s energy transition.
The partnership with Igneo Infrastructure Partners, an existing Cbus investment manager, will provide members with greater exposure to a diverse range of renewable energy assets and support new developments. Atmos currently operates and is constructing 18 renewable assets with a combined capacity of 1.5GW, sufficient to power approximately 775,000 homes—more than the entire city of Adelaide. These projects are spread across the National Electricity Market and Wholesale Electricity Market, with sites in Queensland, New South Wales, Victoria, Tasmania, South Australia, and Western Australia.
Igneo will retain decision-making control over Atmos, which it established in 2020 to invest in renewable projects at various lifecycle stages. Cbus’ direct investment, alongside capital from other investors, will support two key developments. The first is the 100MW/400MWh Merredin Battery Energy Storage System in Western Australia, Atmos’ first greenfield development and battery project to reach financial close. The A$220 million project is expected to create 70 jobs during construction and will enhance regional grid stability and energy security, with operations slated to begin by mid-2027.
The second development is the full acquisition of the 316MW Hornsdale wind farm in South Australia, increasing Atmos’ stake from 23.4% to 100%. This acquisition will strengthen Atmos’ contracted income base.
Cbus chief investment officer Leigh Gavin emphasized the strategic importance of the investment. “Atmos’ geographic diversity, long-term contracts, and potential development pipeline make it a highly attractive investment,” he said. “First and foremost, we believe this investment will stack up on returns, but also has the additional benefit of supporting a sustainable energy future for Australians.”
Gavin further highlighted the alignment with Cbus’ broader commitments: “Atmos’ leadership in wind, solar, and now energy storage, under Igneo’s management, makes them ideal partners as we continue our commitment to renewable energy and support for Australia’s energy transition. As well as providing long-term investment returns, the investment supports Australia’s renewable energy industry, a sector that employs many Cbus members. And importantly, our portfolio gains more exposure to Australia’s energy transition via a diverse range of renewable energy assets.”
Cbus has over A$2.1 billion invested in renewables and enabling infrastructure, reinforcing its commitment to the energy transition. This move could set a precedent for other superannuation funds to follow, potentially accelerating the sector’s growth and shaping Australia’s renewable energy landscape.