Mint targets Australian opportunities with $300 million investment

New Zealand’s Infratil has teamed with the Australian government pension fund Commonwealth Superannuation Corporation (CSC) to establish Mint Renewables with initial capital commitments of $300 million, which are to be invested by the platform over the next three to five years.

The investment will be managed on behalf of Infratil and CSC by New Zealand-based asset manager Morrison & Co.

Infratil, which owns a 73% interest in Mint Renewables, said the platform will invest in the development of wind, solar, and energy storage solutions across Australia and complements the company’s existing renewable energy vehicles including US-focused Longroad, Europe-based Galileo, Singapore-headquartered Gurin Energy, and Manawa Energy in NZ.

Infratil Chief Executive Jason Boyes said Mint Renewables will seek to replicate the platform model of wind farm operator Tilt Renewables, which was bought out by Powering Australian Renewables Fund last year with Infratil selling its 65% stake in the for NZ$2 billion.

“We have shown that a long-term approach to value creation can deliver outsized returns, and that is the objective with Mint Renewables,” Boyle said. “It is pleasing to be teaming up with CSC again, this time in their home market.”

Peter Cowling, the current chair of the Clean Energy Council, will be Mint’s head of Australia while former Tilt Renewables General Manager of Renewables Development Clayton Delmarter has been named a director.

The board will be chaired by Morrison & Co Operating Partner and former Tilt Renewables CEO Deion Campbell, who said he is looking forward to reentering the Australian renewables market with highly aligned shareholders, a flexible approach, deep experience, and very strong credentials.

“One thing we know is that Australia’s energy transition will not be straightforward,” he said. “Being nimble and disciplined as we deploy the capital at our disposal will be important and give us an advantage over less agile, larger players.”

“We are confident that, given the calibre of the team we have already secured, we can once again build a significant and leading Australian renewables development platform.”