Diversified property giant Stockland has announced a new partnership with distributed energy resources company Energy Bay to manage the provision of energy across its property portfolio.
Stockland’s portfolio comprises more than 50 buildings with over 50MWp of solar energy generated on the rooftops of its shopping centres and logistics assets.
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The company is using inter-asset energy trading to allow the additional renewable energy generated at its logistics assets to be dedicated for use at its other commercial buildings and land lease communities.
Energy Bay will purchase Stockland’s existing ~17MWp of solar panels, mostly located at town centres, and install and own an additional ~34MWp of solar infrastructure across Stockland’s assets by 2025.
Stockland will receive an upfront payment from Energy Bay for its existing solar panels and create recurring income from licensing retail and logistics roof space to support the solar panel infrastructure on a number of assets across the country.
Under the terms of the agreement, Energy Bay will license available roof space from Stockland for 30 years, with Stockland buying energy from Energy Bay for 15 years.
Energy Bay CEO James Doyle said, “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.”
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As the partnership with Energy Bay progresses, Stockland will explore how tenants across its property portfolio can have the opportunity to join the scheme.
There are also plans underway for future battery storage to optimise the amount of renewable energy at these sites.