Property firm Stockland has formed a relationship with energy resources company Energy Bay to oversee energy provision across its property portfolio.
The partnership ensures energy across Stockland’s 50-plus buildings by generating more than 50MWp of solar energy on the rooftops of its shopping malls and logistical facilities.
Energy Bay will buy Stockland’s existing ~17 MWp of solar panels, which are largely in town centres, and install and own an additional ~34 MWp of solar infrastructure across Stockland’s properties by 2025.
“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,” said Stockland’s executive GM, Workplace, Emlyn Keane.
“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.”
Stockland will get a one-time payment from Energy Bay for its current solar panels and will generate recurring revenue by licencing retail and logistics roof space to support the solar panel infrastructure on a number of assets across the country.
Energy Bay will lease available roof space from Stockland for 30 years, allowing it to operate and maintain embedded networks as well as manage and sell energy services. Stockland will buy energy from Energy Bay for the next 15 years.