Australian super funds are increasingly eyeing solar and battery storage as viable, sustainable and long term investments. Fossil-fuel free super fund Future Super is backing the distributed solar and storage sector in a move to create a fund for P2P lender RateSetter.
The Sydney Morning Herald reported the news today, although there is no official announcement on either the Future Super nor the RateSetter websites. pv magazine Australia has contacted Future Super for more information.
The SMH reports that Future Super will provide an initial $200,000 fund to RateSetter for loans to be made towards rooftop PV and battery systems.
Future Super’s Kirstin Hunter told the SMH that P2P lending for solar and storage is low risk and meets the fund’s clean energy mandate.
“What we really like about RateSetter is that it has a really big impact,” Hunter said.
As of June 2019, RateSetter had provided more than $450 million in consumer loans – according to its loan book. Over 10% of that had been provided towards investments in renewable energy systems. UK-based RateSetter launched in Australia in late 2014.
In October 2018, RateSetter was selected by the South Australian government as the debt provider for its Home Battery Scheme. The arrangement was underpinned by an investment from the Clean Energy Finance Corporation of $100 million.
Future Super is also teasing the release of a new service on its website. In ‘forward looking’ blogpost, dated July 18, 2019, the fund has revealed plans for a new micro-investment app called Array. Super Future says that Array will allow for investments of as little as $5 into renewable energy projects.
“It’s a people-powered energy revolution. And it’s coming to your app store later this year,” Future Super’s Andrew Sellen announces in the post. Those interested are encouraged by Future Super to register for Array here.