Australian Super Funds Control One-Third of Wind, Solar Capacity
New findings from the Association of Superannuation Funds of Australia reveal that Australian retirement funds collectively control about one-third of all wind and solar capacity owned by Australian-based entities.
The industry’s estimated share of Australia’s total utility-scale capacity is 12% for wind and 6% for solar. ASFA said those figures capture direct holdings as well as investments made through development platforms and fund managers, which can be missed when ownership is assessed at the project level.
Complex ownership structures
“Like many types of infrastructure, renewable energy assets can have complex ownership structures including multiple owners,” the report said.
For instance, a wind farm might be held by a project company controlled by an international developer, yet Australian super funds could still be among its underlying owners through an investment managed on their behalf.
Australian-based entities hold an estimated 36% of wind capacity and 19% of solar capacity overall. Foreign-based entities account for the remaining 64% and 81% respectively, reflecting the role of global developers and investors in Australia’s renewable energy sector.
ASFA said Australian institutional investors, including super funds, were the largest Australian-based ownership group for both wind and solar. They hold an estimated 19% of total wind capacity and 12% of solar capacity.
Shift towards earlier-stage projects
Super funds have historically favoured renewable projects at a late stage of development or already in operation, but ASFA said investment in earlier-stage projects was becoming more common. Instead of financing a single project, a fund can invest in a platform developing several assets.
“Increasingly common is for a fund to have a stake in a development platform, where development risk is diversified across multiple projects,” the report said.
Battery storage and hydroelectric generation
Battery storage shows a different ownership pattern. Australian-based entities own an estimated 38% of total battery power capacity, but super funds account for only 2% of the total. That represents about 4% of capacity owned by Australian-based entities.
Hydroelectric generation remains predominantly in public hands. Australian-based entities own an estimated 99% of hydro capacity, including an 88% share held by governments, according to the report.
The research examined operational wind, solar, hydroelectric, and battery assets with a capacity of at least 10 megawatts as at 30 June 2026. It traced equity interests through ownership structures where possible and attributed stakes proportionately to the underlying owners.
Because some pooled investment vehicles do not disclose their full investor base, ASFA used available information about investors, mandates, and managers to estimate those ownership splits, acknowledging that “these estimates involve judgement and are a limitation of the analysis.”
The figures measure installed capacity, rather than the value of investments or the amount of electricity generated.
