Retirement
US data centre investment highlights the benefits of decarbonisation and digitalisation
Retirement
US data centre investment highlights the benefits of decarbonisation and digitalisation
In a compelling demonstration of the global shift towards decarbonisation and digitalisation, Rest, one of Australia's largest profit-to-member superannuation funds, has underscored the value created for its members through a recent investment in a US-based data centre portfolio. This move aligns with Rest's commitment to sustainable investments and reflects broader trends shaping the future of infrastructure and technology.
US data centre investment highlights the benefits of decarbonisation and digitalisation
In a compelling demonstration of the global shift towards decarbonisation and digitalisation, Rest, one of Australia's largest profit-to-member superannuation funds, has underscored the value created for its members through a recent investment in a US-based data centre portfolio. This move aligns with Rest's commitment to sustainable investments and reflects broader trends shaping the future of infrastructure and technology.
Rest's investment is channelled through Quinbrook's Net Zero Power Fund (NZPF), where the superannuation fund is the largest investor. Quinbrook, a renewable energy infrastructure manager, recently announced a significant development: funds affiliated with the global private markets firm Blackstone have acquired a notable minority stake in Rowan Digital Infrastructure. Rowan is a developer of hyperscale data centre campuses, boasting a portfolio of over 20 sites across the United States. The projects are strategically designed to access renewable power sources, in line with their renewable energy objectives.
Andrew Bambrook, Rest’s Head of Real Assets – Investments, highlighted the strategic importance of Blackstone’s involvement. “Most of our members will not retire for many decades and we think deeply about the world they’ll retire into. We have a long-term objective to achieve a net zero carbon footprint for Rest by 2050,” he said. Bambrook further elaborated on the dual forces of decarbonisation and digitalisation as pivotal to the global economy's evolution, while also promising substantial long-term returns for Rest’s over two million members. “Blackstone’s investment in Rowan reflects the growing recognition of the opportunities created by decarbonisation and digitalisation. This investment shows a strong return for members now, while also maintaining the opportunity to generate future returns for members over the longer-term.”
David Scaysbrook, Managing Partner at Quinbrook and Chairman of Rowan, provided insights into the strategic vision driving Rowan's initiatives. "We’re focused on developing power and infrastructure solutions that solve hyperscale operators’ urgent need for more compute capacity at scale," Scaysbrook stated. He emphasised Rowan's pioneering role in securing access to power, which is crucial for the burgeoning global data centre development. "This power focus leverages Quinbrook’s specialist expertise in power project development tailored to the needs of energy intensive customers.”
In 2023, Rest committed a substantial US$650 million with Quinbrook to invest in assets poised to benefit from long-term trends in decarbonisation and digitalisation, including solar and battery projects and renewable-energy supported data centres. Bambrook highlighted Rest's proactive approach in this domain, noting, “Rest has established a track record of supporting next-generation renewable energy investments, particularly through its commitments with expert managers like Quinbrook and Octopus Investments Australia, and our direct ownership of Collgar Renewables.”
The investment in Rowan is seen as a continuation of Rest's strategy to secure sustainable and profitable ventures for its members. Bambrook expressed confidence in the future benefits of these investments, saying, “We believe our members will continue to benefit over the longer-term from our ongoing stake in Rowan, as well as Quinbrook’s strong return profile overall. We expect this investment will help our members grow their super while contributing to a more sustainable future.”
The strategic alignment with Rowan and Quinbrook underscores Rest's commitment to integrating sustainability into its investment portfolio, ensuring that its members not only receive financial returns but also contribute to a more sustainable and environmentally friendly future. As the world increasingly turns towards digital solutions powered by renewable energy, investments like these highlight the intersection of financial prudence and ecological responsibility, setting a precedent for future infrastructure and technology investments.
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