QIC has further increased its investment in decarbonisation and energy transition through Powering Australian Renewables (PowAR), which has completed the acquisition of the Australian business of Tilt Renewables, further strengthening PowAR's position as Australia's largest renewable energy generation platform1.

This QIC-led transaction is another demonstration of QIC's deal origination capability, with more than $4 billion in new commitments deployed globally over the past year for sustainable infrastructure investment. In addition to the Tilt Renewables acquisition, other investment highlights this year include:

QIC's follow-on investment in Generate on behalf of its global funds and clients, leading the $2 billion capital raising to accelerate its deployment of sustainable decentralised infrastructure solutions at scale. This investment follows QIC's Lead Investor role in Generate's $1 billion capital raising in February 2020.

Acquisition by QIC and its partner Ullico of CenTrio (formerly known as Enwave Energy USA), the largest pure-play district energy platform in the U.S.

Through the acquisition of Tilt, the PowAR business will own more than 1,300MW of operational renewable energy capacity across nine geographically diverse wind and solar generation assets.

This significant transaction also provides PowAR with a high-quality development pipeline, which at over 3,500MW, will see PowAR play a leading role in the decarbonisation of the Australian energy market.

Ross Israel, QIC's Head of Global Infrastructure, said: 'This is another demonstration of QIC's deep energy sector capability driven by our sector centric, thematic-based investment strategy.

'It also evidences our ability to secure strong bolt-on acquisitions to drive value for our existing QIC Global Infrastructure Fund (QGIF) portfolio together with providing co-investment opportunities for our investors.

'The acquisition of this significant business in the highly sought-after sector of renewable energy will allow our clients to capitalise on the strong forecast demand for sustainable energy generation in Australia.

'PowAR has already established itself as a successful renewable energy owner and operator, and with the strategic addition of Tilt to cement its position as Australia's largest renewable energy generation platform, it is well-positioned for future growth.'

PowAR is a partnership between the QIC Global Infrastructure Fund and its co-investors, which include Aware Super, Hostplus, TelstraSuper, MLC, and LGIASuper (together QGIF), the Future Fund and AGL Energy Limited (AGL).

QIC's global infrastructure footprint includes 21 assets in six countries across the energy and utilities, transport, and social/PPP sectors.

1Source: Australian Energy Infrastructure Commissioner 2021 Ecogeneration maps for wind and solar

ENDS -

About QIC:

QIC is a long-term specialist manager in alternatives offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$93bn (US$69bn) in funds under management2. QIC has over 800 employees and serves more than 115 clients. Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, San Francisco and London. For more information, please visit: www.qic.com.

2As at 30 June 2021

About QIC Global Infrastructure:

QIC is a long-term infrastructure investor with an established global platform, an active management approach and a proven, 15-year track record. With a global team of more than 61 professionals across five offices (including an office in New York)3, QIC Global Infrastructure manages A$21.4bn (US$16.1bn) across 20 global direct investments and has realised in excess of A$12 billion (US$9bn) back to its clients4. Its sector-centric and thematic-based investment strategy deconstructs risk across sector value chains identifying relative value for investment across market cycles. This drives a targeted origination approach, enabling the firm to build diversified portfolios for its clients.

3As at 15 July 2021

4As at 30 June 2021. USD values converted using 30 June 2021 FX rates

For further information, please contact:

Australia

Kate Macfarlane

Manager, Marketing & External Communications

Mobile: 0498 002 793

Email: k.macfarlane@qic.com

Important Information

QIC Limited ACN 130 539 123 ('QIC') is a wholesale funds manager and its products and services are not directly available to, and this document may not be provided to any, retail clients. QIC is a company government owned corporation constituted under the Queensland Investment Corporation Act 1991 (Qld). QIC is regulated by State Government legislation pertaining to government owned corporations in addition to the Corporations Act 2001 (Cth) ('Corporations Act'). QIC Private Capital Pty Ltd ('QPC'), a wholly owned subsidiary of QIC, has been issued with an AFS licence and other wholly owned subsidiaries of QIC are authorised representatives of QPC. QIC's subsidiaries are required to comply with the Corporations Act. QIC does not hold an Australian financial services ('AFS') licence and certain provisions (including the financial product disclosure provisions) of the Corporations Act do not apply to QIC. QIC also has wholly owned subsidiaries authorised, registered or licensed by the United Kingdom Financial Conduct Authority ('FCA'), the United States Securities and Exchange Commission ('SEC') and the Korean Financial Services Commission.

For more information about QIC, our approach, clients and regulatory framework, please refer to our website www.qic.com or contact us directly.

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