CBRE Investment Management Invests in Leading Behind-the-Meter Solar Developer in Australia
November 29, 2021
CBRE Investment Management (“CBRE IM”), through its Private Infrastructure team, has invested in Green Peak Energy Pty Ltd (“Green Peak Energy”), one of Australia’s leading providers of behind-the-meter and rooftop solar solutions to commercial and industrial customers. This investment aligns with CBRE IM’s commitment to deliver sustainable real assets solutions.
CBRE IM made the investment on behalf of one of its funds and a separately managed account.
“The investment in Green Peak Energy provides an attractive opportunity to invest in the burgeoning behind-the-meter solar space for commercial and industrial clients in Australia as well as possible expansion into the broader APAC region,” said Asif Hussain, Managing Director for Direct Private Infrastructure Investments at CBRE IM. “We see strong tailwinds in this sector with C&I customers increasing their focus on lowering their carbon footprint and adopting behind-the-meter renewable energy solutions. The Green Peak Energy team has built a strong business delivering Power Purchase Agreement solutions to help lower energy costs for their customers. We are excited to partner with Green Peak Energy and believe that this partnership can help accelerate their growth delivering on-site clean energy solutions for businesses and property owners.”
“This transaction represents an important milestone in the development of Green Peak Energy, and we are thrilled to have the support of one of the world’s leading long-term infrastructure investors,” said Myles Carrucan, CEO at Green Peak Energy. “With CBRE Investment Management as a partner, we are looking forward to being able to continue to scale the business to deliver compelling solutions for a broader number of customers, delivery partners and landlords as the clean energy transition accelerates.”
Derek La Ferla, the Chair of Green Peak Energy, commented, “I am pleased to see Green Peak Energy partner with a strategic shareholder such as CBRE Investment Management. I am enthusiastic about working closely with them to execute on our shared vision for the business.”
Herbert Smith Freehills provided legal counsel to CBRE IM in this transaction. Pottinger provided financial counsel, and Allens and Hamilton Locke provided legal counsel to Green Peak Energy.
About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $133.1 billion in AUM* as of September 30, 2021, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.
CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2020 revenue). CBRE has more than 100,000 employees serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.
* Assets under management (AUM) refers to the fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.