Super Fund defends energy investment
The New Zealand Superannuation Fund insists it has done the right thing by investing in an American wind energy project after criticism from an energy analyst.
Late last year, the fund announced it was investing $55 million in a new wind turbine development run by an American company called Ogin.
Ogin is a not-yet-listed start-up company using aerospace technology to produce wind turbines.
New Zealand energy analyst Dougal McQueen says in six years the company has not produced a single product and its technology has been shown not to work.
But the Super Fund says Mr McQueen is referring to a different system, and says it wants long-term growth, not quick results, from a development company like Ogin.
It adds $55 million is not a lot of money to spend in a $25 billion portfolio.
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