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Stockland Strikes $75m CEFC Deal

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Property developers dedicated to improving their assets energy efficiency will help better environmental outcomes, provide economic advantages to their own business, and supports thriving, resilient communities Stockland chief executive Mark Steinert said.

Stockland are joining other big landlords making headway into solar, flagging plans to eventually participate in the national energy market.

Steinert said Stockland, Australia’s biggest residential housing developer, has moved a step closer to achieving its 2030 target for net zero carbon emissions after striking a $75 million senior debt facility from the Clean Energy Finance Corporation (CEFC).

The funds will support the adoption of solar and battery installation across its residential projects, logistics centres, retirement living operations and corporate head offices.

The national developer, which has a land bank of 80,000 residential lots with an end-market value of $22 billion, has already reduced its carbon intensity by 57 per cent across its commercial property portfolio and saved over $106 million through energy-efficiency improvements.

Stockland
▲ Stockland has made substantial investments in the installation of solar systems throughout its portfolio. Image: Supplied


Stockland kicked off a $23.5 million program to install more solar panels on its shopping centres in Queensland, Victoria and New South Wales back in 2015.

The company estimates that it had installed more than 12MW of solar capacity across its property portfolio over the 2019 financial year, and expects to more than double that capacity this financial year.

“The finance provided by the CEFC will support a portfolio-wide energy efficiency renewal program, as well as market-leading Green Star design and as-built standards for retirement living new-builds which will target a 35 per cent reduction in emissions levels,” 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”

Stockland currently has 29 logistics properties and 62 established retirement villages in its portfolio currently.

In addition to improving the energy efficiency of these existing assets and new builds, the finance will help fast-track 11MW of solar power capacity across its logistics business.

The diversified developer was also recognised for the fourth year in a row as a global leader in disclosure and action on climate change, achieving a place on CDP’s Climate A-List.

ASX-listed property group GPT has also been on the path toward energy efficiency aiming to be carbon neutral before 2030.

Dexus, which describes itself as Australia’s largest office landlord, has been operating as “carbon neutral” since 2011.

While Mirvac is also reaffirmed its commitment to carbon neutrality by 2030 after becoming one of 152 RE100 companies—a roll call of global iconic brands that have made a commitment to go “100 per cent renewable”.

Mirvac's solar homes at its 6,500-lot masterplanned community Woodlea, were the first to be rolled out under the CEFC’s $90 million debt commitment late last year.

AMP Capital is also striving to be buying 100 per cent of its power from verified clean renewable energy sources, using direct power purchasing agreements.

AMP is also investing in “cleantech”, the next generation of environmentally friendly “clean technology” companies.

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Article originally posted at: https://theurbandeveloper.com/articles/stockland-lands-75m-debt-facility-to-boost-energy-initiatives