NZ Super Fund takes stake in US wind turbine designer Ogin

The New Zealand Superannuation Fund has invested US$55 million in US company Ogin Inc. (www.oginenergy.com), a privately-owned developer of wind turbines.

Ogin has used aerospace technology to develop a smaller, high-performance wind turbine, and aims to help wind energy developers bring clean energy production closer to customers.

Matt Whineray, General Manager Investments for the Guardians of New Zealand Superannuation, said that as a long-term, globally-diversified investor, the Fund was ideally placed to invest in businesses such as Ogin, which were past the start-up phase, but required time and capital to grow before listing on the public markets.

“We look forward to working with Ogin as it further develops its products and markets, and as it redevelops existing wind farms using its new turbines.”

The Fund’s investment in Ogin came about through its participation in the Innovation Alliance, a small group of institutional investors looking to invest in expansion capital opportunities globally. Earlier this year, also through the Innovation Alliance, the Fund invested US$50 million in Bloom Energy, an energy company that uses solid oxide fuel cell technology to create power.

Mr Whineray said the investments, while both relatively small for the NZ$24 billion (US$19 billion) Fund, complemented the Guardians’ strategy to increase investment in alternative energy and energy forms with lower carbon intensity, where a strong business case could be established.

Mr Whineray said the Guardians were mindful of investment risks relating to renewable energy, such as changing regulatory regimes.
The investment is being managed by the Fund’s in-house team of investment professionals.

ENDS

NZ Super Fund
The NZ$24 billion (US$19 billion) New Zealand Superannuation Fund invests globally in order to help pre-fund New Zealanders’ universal superannuation entitlements. The Fund is managed by a Crown entity, the Guardians of New Zealand Superannuation. For more information see www.nzsuperfund.co.nz.

Ogin
Ogin’s mission is to make affordable, clean energy available to everyone, by capturing utility-scale turbine economics in smaller-scale projects with a low profile, compact and quiet design. The Massachusetts-headquartered company, formerly known as FloDesign Wind Turbine Corp., was formed in 2008. For more information see www.oginenergy.com

Media contact:
Catherine Etheredge, Head of Communications, NZ Super Fund
Email cetheredge@nzsuperfund.co.nz
Phone + 64 274 777 501