Five shopping centres in Queensland will be 100 per cent powered by renewable energy following a landmark deal with CS Energy. The seven-year deal for AMP’s Pacific Fair Shopping Centre, Indooroopilly Shopping Centre, Gasworks and Brickworks shopping centres is CS Energy’s first 100 per cent renewable energy contract.
AMP Capital’s Senior Sustainability Manager, Erik Moore said the signing of the Power Purchase Agreement is in addition to two others in NSW/ACT and Victoria. AMP now has 20 assets supplied by 100 per cent renewable electricity.
“We’ve managed to achieve these competitively priced power deals by leveraging the size of the portfolio and working closely with our business and supply partners.
“In addition, the contract terms were negotiated before the recent significant price increases in the electricity market and under the terms of the agreement the assets are shielded from spot-market price increases, which is a great outcome for tenants and owners,” he said.
CS Energy CEO Andrew Bills said they are responding to the changing needs of large energy users by developing renewable energy product solutions that specifically meet their decarbonisation goals.
“We currently have almost 300 megawatts of contracted renewables in our portfolio to support the requirements of our large commercial and industrial customers,” he said.
CS Energy has an offtake agreement for 100 per cent of the output of the 162-megawatt Columboola Solar Farm, which it is on selling to AMP Capital and other large commercial and industrial customers.
The deal between CS Energy and AMP Capital covers the following assets:
- Retail: Pacific Fair Shopping Centre (now managed by The GPT Group), Indooroopilly Shopping Centre, Gasworks and Brickworks.
- Commercial: Milton Green (incorporating Cribb Street), 199 Grey Street and Stanley House.
- Industrial/logistics: Acacia Gate Industrial Park.
The 94GWh/year deal means 61,801 tonnes of CO2-e avoided each year, equivalent to:
- 5,374 houses brought to zero emissions.
- 21,496 cars taken off the road.
- 4,039 hectares of plantation forest.
