This article is from the Australian Property Journal archive
STOCKLAND will use inter-asset energy trading to transfer additional renewable energy generated at 250,000 sqm of solar panels installed on shopping centres and logistics assets for use at its other commercial buildings and land lease communities.
The major diversified developer has struck a partnership with distributed energy resources company Energy Bay to manage the provision of energy across more than 50 buildings, which will see 50 megawatts peak (MWp) of solar energy generated on the building rooftops.
Existing commercial property assets combined with its $6.4 billion logistics pipeline will see approximately 250,000 sqm of solar panels installed on its roofs, the equivalent of around 35 football fields.
Energy Bay will purchase Stockland’s existing 17 MWp of solar panels, mostly located at town centres, and install and own an additional 34 MWp of solar infrastructure across Stockland’s assets by 2025.
Stockland’s executive general manager, workplace, Emlyn Keane, said the scheme to trade solar energy among Stockland assets unlocks the “abundant” roof space of its logistics premises so that excess energy generated can be traded to properties across the Stockland Group.
“The partnership allows us to use our own rooftops rather than requiring additional land for solar farms and avoids the premium cost of renewable energy power purchasing agreements.”
“The base power demands of logistics assets are low, meaning our town centres and workplaces can draw on the renewable energy generated on these rooftops to offset their consumption, which is typically higher.”
Energy Bay CEO James Doyle said the initiative will deliver significant environmental benefits while producing a long-term, cost-effective renewable energy solution for Stockland
“Through this partnership, Energy Bay will develop, install, and operate a major renewable energy platform, right on the rooftop of Stockland’s vast commercial assets, on-selling the energy produced back to Stockland at a competitive price point.”
The partnership is expected to make a significant contribution to the achievement of Stockland’s net zero scope two emissions by 2025 by generating as much power as the portfolio consumes each year and retiring the renewable energy certificates created.
“With the use of 100% renewable electricity at our properties, this will have an immediate impact on our recently launched ESG strategy and updated decarbonisation targets,” said Stockland’s managing director and CEO, Tarun Gupta. It is expected to mitigate an estimated 50,000 tonnes in CO2 emissions annually.
CEFC head of property, Michael Di Russo said Australia’s buildings consume around half of the nation’s electricity, and up to 77% of energy network system capacity during peak periods.
“The property industry has a key role to play in continuing to innovate and push to further decarbonise for Australia to meet our emissions reduction targets,” he said.
