Photo voltaic Bay and Momentum Vitality will associate to ship a mix of on-site and off-site renewables that may meet 100% of the power wants at Elanor Buyers’ Waverley Gardens, making it one in every of Australia’s first completely renewable-powered purchasing centres.
The Waverley Gardens Purchasing Centre in South East Melbourne will develop into one of many first in Australia to learn from an progressive new mannequin of on-site and off-site renewable power, due to a partnership between renewable power funding fund, Photo voltaic Bay, and power retailer, Momentum Vitality.
Photo voltaic Bay will ship 887MWh of renewable power to the purchasing centre through a 640kW rooftop photo voltaic array, averaging about 20% of complete demand. The remaining power demand might be 100% offset from the Granville Harbour Wind Farm below Momentum’s new Challenge Linked Renewable Vitality product, a partnership the 2 corporations imagine might be one in every of Australia’s most unusual power choices.
ASX-listed Elanor Buyers Group, co-owner of Waverley Gardens, together with an affiliate of worldwide actual property funding supervisor Heitman, is delighted with this progressive renewable power procurement mannequin. Elanor plans to roll out the mannequin throughout its Australian purchasing centre portfolio, working with Momentum and Photo voltaic Bay.
“Partnering with Photo voltaic Bay and Momentum permits us to offer power to our tenants that’s 100% offset by renewables. The Photo voltaic Bay roof rental mannequin is not going to solely enhance the centre’s capital asset worth, we can even be capable to cross worth again to our tenants by means of cheaper power,” stated Elanor’s Head of Retail, Growth and Combined Use, Matt Healy.
“Our tenants will profit from cheaper power sourced from renewables and be capable to monitor their constructive impression,” stated Healy. “There’s nothing else like this available in the market proper now.”
Laura Craft, Heitman Head of World ESG Technique stated Heitman invests right now with a concentrate on the longer term, believing environmental, social and governance excellence results in a greater tomorrow.
“By implementing on-site and off-site renewables, Waverley Gardens is a major instance of power excellence as we proceed to transition to a low carbon economic system,” she stated.
Photo voltaic Bay has an in depth property portfolio, leasing retail and industrial roof area all through Australia. Photo voltaic Bay Funding Director, Andrew Archibald, stated Photo voltaic Bay is worked up to have the ability to provide a 100% renewable product to Australian companies.
“The mannequin supplies readily accessible inexperienced power to companies trying to decrease power prices and have a constructive impression on the atmosphere. Momentum Vitality’s off-site renewable providing is the proper complement to our personal rooftop photo voltaic options. We’re assured in regards to the potential to develop this elsewhere.”
Momentum Vitality’s Normal Supervisor Business and Industrial Retail, Dylan Durie, stated the corporate was delighted to have Waverley Gardens as the primary buyer for its new Challenge Linked Renewable Vitality product.
“This can be a absolutely firmed company energy buy settlement that’s backed by Momentum’s proprietor, Hydro Tasmania, which means buyer threat is eradicated when there’s intermittent era,” stated Durie.
“Being owned by Australia’s largest generator of renewable power, with a big proportion being dispatchable, places us in a singular market place.
“By eliminating the spot market threat of intermittent era, the Challenge Linked Renewable Vitality product could be very competitively priced, lowering the barrier of entry for smaller industrial prospects and guaranteeing their power is 100% offset by renewables.”
Key details and figures
- The Momentum Vitality Challenge Linked Renewable Vitality product sources electrical energy from the Granville Harbour Wind Farm, a 112MW wind farm on Tasmania’s west coast. Hydro Tasmania has signed a long-term PPA to purchase the power from the wind farm.
- By contracting by means of a retailer, prospects keep away from the undertaking dangers and related authorized prices of contracting straight with a renewable power generator.
- Waverley Gardens might be offsetting 4,400MWh per yr, equal to the electrical energy utilization of 840 common houses.
- Waverley Gardens has roughly 110 tenants, together with Coles, Woolworths, ALDI, Huge W, CBA and Australia Publish.
- The Photo voltaic Bay/Momentum Vitality mannequin might be replicated throughout the Elanor Buyers Portfolio, together with Waverley Gardens, Tweed Mall, Neeta Metropolis, Riverside Plaza, Gladstone Sq. and Hunters Plaza, which is at present below development.