The superannuation giant, along with two European pension funds, will consider building wind farms after buying the biggest freehold land asset in the state.
UniSuper and two European pension funds will consider building wind farms in Tasmania after investing hundreds of millions of dollars each to buy timber plantations once owned by collapsed Tasmanian group Gunns.
The $120 billion Australian superannuation fund sees opportunities for renewable energy development in Tasmania, given the acquisition includes freehold land, Ms Lee said.“We’re sort of exploring development of wind farms,” she said. The timber plantations do not currently have any wind or solar farms. Most of the timber felled in Forico’s forests is hardwood that is milled, turned into woodchips and used to make packaging, take-away containers, and tissues.
New Forests, which manages 11 assets in Australia and New Zealand as part of an $11 billion global portfolio, will continue to manage Forico but will not have an equity stake. Wood fibre is benefitting from rising global demand for tissues and toilet paper from expanding middle classes in Asia, as well as a shift away from plastic cutlery and straws in developed countries like Australia.
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