NZ Super Fund Stumbles in Wind Turbine Investment Ogin, Writes Off
The New Zealand Superannuation Fund (NZ Super), which made a pivot toward green energy investments in the past few years, has experienced a loss. NZ Super’s investment in Ogin, a U.S. wind turbine company, is being completely written off as Ogin is being wound down. Ogin, formerly known as FloDesign, had sold its wind turbine applications platform to Vestas. Alberta Investment Management Corporation (AIMCo), the manager of Alberta’s Heritage Fund, was also an investor in Ogin. Ogin developed the Mixer-Ejector Wind Turbine (MEWT).
NZ Super had sourced the investment in Ogin from its association with the Innovation Alliance, an informal group formed in late 2012, which included the Abu Dhabi Investment Authority (ADIA) and AIMCo. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]
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