Stockland ramps up solar, battery and efficiency roll-out with CEFC loan

Australian property group Stockland is set to roll out another 11MW of commercial solar, this time across its logistics business, with the help of a $75 million senior debt facility from the federal government’s Clean Energy Finance Corporation.

Stockland, which has been busy installing upwards of 12MW of commercial solar arrays across its shopping centres nationally, is aiming to achieve net zero emissions across its logistics centres, retirement living operations and corporate head offices by 2030.

The property group’s CEO and managing director Mark Steinert said the new finance facility from the CEFC would be used to support a portfolio-wide energy efficiency renewal program.

This would include the delivery of market-leading Green Star design and as-built standards for retirement living new-builds, which will target a 35 per cent reduction in emissions compared with current building code requirements.

On the green energy front, Stockland will use the funds to fast-track the installation of 11MW of solar across its logistics business, including a 770KW system at the 30-hectare Yennora Intermodal Distribution Centre.

To maximise the benefits of the new solar installs, the company also aims to develop a system for trading solar between Stockland assets, and use any excess energy generated to support other group businesses.

And on a residential level, Stockland would use the new funds to bolster the uptake of solar and batteries in its properties, while also fast-tracking renewables and energy efficiency across retirement centres.

“Improving the energy efficiency of our assets improves environmental outcomes, provides economic advantages for our business, and supports thriving, resilient communities,” Steinert said.

“Australia has promising renewable energy potential and we are working towards a cost efficient and low carbon future in line with the WorldGBC Net Zero Carbon Buildings commitment,” he added.

“This agreement with the CEFC is a strong example of how clean energy can be used across the built environment to deliver long term economic and environmental benefits, and we are pleased to be contributing to the on-going decarbonisation of Australia’s electricity network.”

CEFC CEO Ian Learmonth welcomed the opportunity for the government’s green bank to support Stockland in its bid to boost clean energy and efficiency standards across the property sector.

“The large rooftops at logistics and industrial sites are ideal locations for solar photovoltaics and it’s exciting to see Stockland extending the benefits of renewable energy across this asset class,” he said.

“We are also pleased to support the further development of net zero carbon living options for retirees and families who directly benefit through measures that ultimately improve living environments while reducing energy consumption.”

Stockland has so far reduced its carbon intensity by 57 per cent across its commercial property portfolio and saved over $106 million through energy efficiency improvements since FY06, including investing more than $33 million in solar photovoltaics, the company said.