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Sustainable infrastructure platform Generate Capital PBC’s latest funding round, which also included California Teachers’ Retirement System and Australian Pension Fund Hesta as institutional investors, raised $1.5 billion, the company said. It was announced at the end of January.
CalSTRS and HESTA (Health Employees Superannuation Trust Australia) join existing investors in funding, including superannuation fund AustralianSuper and government-owned investment company Queensland Investment Corporation.
Kirsty Jenkinson, Director of Sustainable Investment and Stewardship Strategy at CalSTRS, said: “Our strategic partnership with Generate Capital is a great opportunity to deliver outstanding financial benefits to our portfolio while delivering demonstrable positive environmental and social outcomes. This is consistent with our mission of delivering benefits,” the release said.
The $1.5 billion increases Generate’s total capital raised since its founding 10 years ago to more than $10 billion. But Generate Capital CEO Scott Jacobs said this is far less than what is needed.
“We need to invest trillions, not billions,” Jacobs said in the release. “$10 billion is just the beginning.”
Generate’s platform is aimed at investing in infrastructure transitions, including building and financing infrastructure assets and incubating, building and financing infrastructure companies. Since its founding in 2014, Generate has worked with over 50 of his project development and technology companies and dozens of investors. As of September 2023, the company says it has contributed to the production of more than 320 gigawatt hours of sustainable electricity and processed more than 715 kilotons of organic waste.
In December 2023, the company formed a joint venture called Clean Bus Solutions with school bus manufacturer Bluebird to help school districts transition to electric school buses by providing buses and associated charging infrastructure. The purpose is
“We are at a tipping point in the transition to a clean energy economy,” Jacobs added. “The room for action is shrinking by the day, but we have a blueprint to build the critical infrastructure that will ensure a livable future.”
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Tags: Australian Super, California Teachers’ Retirement System and California Public Employees’ Retirement System, Generate Capital PBC, HESTA, Kirsty Jenkinson, Queensland Investment Corporation, Scott Jacobs, sustainable infrastructure
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