The builder is working to reset its strategy after bungling New Zealand's biggest construction boom in living memory with a series of cost blow outs.
2018 financial year loss had prompted Fonterra to undertake a review of its assets.
The green fund would likely target electric vehicles, manufacturing, farming practices and energy-efficient commercial buildings.
Ellerston is backed by billionaire James Packer.
The competition watchdog had twice delayed its final decision.
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