Plenti^ has today announced that Future Super, Australia’s first 100% fossil-free superannuation fund, has commenced investing in renewable energy loans through the consumer lender’s marketplace.
The investment, the first by an Australian superannuation fund in a retail consumer lender, will see the ethical super fund in Plenti’s National Clean Energy lending market. It will fund loans to creditworthy borrowers seeking finance to purchase clean energy products, including solar panel and battery systems.
In making this investment, Future Super joins over 800 retail investors, the Federal Government’s Clean Energy Finance Corporation and several authorised deposit-taking institutions already funding loans designed to help make renewable energy products available to a wider range of Australian consumers.
To achieve mass adoption of renewable energy technologies in Australia, affordable finance for everyday people is critical. Plenti is aligned to Future Super’s commitment to sustainable and impactful investment and facilitating competitive consumer finance that will dramatically accelerate broad adoption of clean energy technologies like solar and battery.
Commenting on the landmark partnership, Plenti CEO Daniel Foggo said, “Future Super’s investment is the first of its kind and an extraordinary validation of our model’s appeal to a broad range of investors. We applaud their leadership in their sector and would encourage more super funds to consider impactful investing.”
A partnership with Future Super is a natural fit, Foggo continued. “Future Super and Plenti are committed to empowering Australians to make rewarding financial choices that will benefit households, the economy and the environment.”
Discussing the partnership, Future Super Managing Director Adam Verwey said, “Superannuation is an incredibly powerful tool to help build Australia’s renewable energy future. In fact, just 7.7 per cent of superannuation can get Australia to 100 per cent renewable energy. At Future Super, we have strict ethical investment criteria that we follow when adding to our portfolio, and we choose options that we believe will produce superior returns for our members, while also positively impacting the environment. We’re thrilled to be the first super fund to fund a peer-to-peer lender that is helping the sustainable energy revolution.”
Future Super’s returns have regularly outperformed their investment objectives, showing rewarding investment shouldn’t come at the cost of a sustainable future. Its diversified, fossil-free portfolio is investing millions in new renewable projects across Australia and around the world.
Plenti is on track to become Australia’s leading renewable energy lender, estimating its green markets have led to CO2 emission reductions of 18,200 tonnes to date. Plenti is also the sole administrator of the SA Home Battery Scheme giving up to 50,000 South Australian households access to $100 million in State Government subsidies and $100 million in low-interest loans made available by the Clean Energy Finance Corporation. The scheme has added to an extensive installer network (491 accredited groups) and manufacturing partnerships (Tesla, LG and Sonnen).
^Plenti was known as RateSetter prior to July 2020.