The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FIRST RELEASE TICKETS ON SALE FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FIRST TICKETS ON SALE FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
SEE DETAILSDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
12
print
Print
OtherTed TabetMon 03 Sep 18

Vicinity Rolls Out Australia’s Largest Property Solar Program

1db895b4-44b7-4e35-aa97-2f62e8eb2bd0

ASX-listed shopping mall giant Vicinity Centres has announced the injection of a further $50 million into its solar energy program unveiled earlier this year.

The investment, which now surpasses $75 million, will create the largest property solar program in the country.

The first stage, announced in April, is already under way at five shopping centres in South Australia and Western Australia.

The Melbourne-based investment trust currently holds approximately $6.9 billion worth of shopping centres around Australia

When completed, the two stages will be capable of generating 48.5 gigawatt hours of power annually, potentially reducing Vicinity's consumption of grid electricity by 40 per cent.

The company highlighted a reduction in its environmental footprint across communities as its prime motivator with 17 further shopping centres to be topped with panels.

Related: Vicinity to Launch $1 Billion Property Fund with Singapore's Keppel Corp

Stage 1 installation of solar panels at Vicinity's Elizabeth City Centre in South Australia.Image: Vicinity Centres


“This investment will generate clean power for our centres for the long term, make a positive environmental impact and deliver shared value for our customers, retailers and investors,” Vicinity Centres executive general manager Justin Mills said.

“As technology advances so does the business case for solar.”

The new solar panels will add 20.6 megawatts annually to the 11.2 megawatts capacity achieved in the first stage, enough to power 5,000 homes and equivalent to removing 18,000 cars.

“We anticipate strong investment returns with the project to generate an IRR of approximately 12 per cent, while also reducing our consumption from the national electricity grid by up to 40 per cent,” Mills said.

When completed, the two stages will be capable generating 48.5 gigawatt hours of power annually.

“We’re committed to energy leadership targeting renewable energy, combined with battery and other storage technology and creating efficiencies across our portfolio, as part of Vicinity’s Integrated Energy Strategy.”

Second stage installation is due to commence later this year.

Earlier this year, Vicinity announced plans for the sale of up to $1 billion of sub-regional and neighbourhood shopping centres.

The announcement signalled the company's need to protect profits as retail owners face growing competition from online retailers.

RetailAustraliaTechnologySustainabilitySector
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
PGIM Real Estate Reimagines 444 queen street to 450 queen street brisbane
Exclusive

Coming, Ready or Not: Relic Stripped to Bone for Green Glow-Up

Renee McKeown
5 Min
Darwin has sat dormant for a decade but the resource rich territory is “on the threshold” of a boom for resources and new cities. Weddel and Palmerston
Exclusive

NT Eyes Looming Boom as Planning Commissioner Bows Out

Renee McKeown
5 Min
Exclusive

Gold Coast’s Greatest Moments Yet to Come: Evan Raptis

Phil Bartsch
7 Min
MODEL founder Rory Hunter HERO
Exclusive

‘It’s Massive’: On Mission to Prove BtR Green Equals Gold

Leon Della Bosca
8 Min
Potts Point Coliving EDM
Exclusive

Co-Living Shrugs Off Stigma as Overseas Money Moves In

Clare Burnett
6 Min
View All >
Build-to-Rent

Townsville’s First BtR Project Wins Green Light

Taryn Paris
Office

A-Grade Perth Office Tower Comes to Market

Lindsay Saunders
Main Beach Odus Ari Tower Site Deal hero
Residential

Odus Doubles Down in $55m Main Beach Tower Site Deal

Phil Bartsch
The plan is to progress the existing greenlit plans for the $290 million scheme comprising 31 luxury half and full-floor…
LATEST
Build-to-Rent

Townsville’s First BtR Project Wins Green Light

Taryn Paris
2 Min
Office

A-Grade Perth Office Tower Comes to Market

Lindsay Saunders
2 Min
Main Beach Odus Ari Tower Site Deal hero
Residential

Odus Doubles Down in $55m Main Beach Tower Site Deal

Phil Bartsch
3 Min
Cavill Lane HERO
Retail

Surfers Paradise Retail Asset Changes Hands for $31m

Leon Della Bosca
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/vicinity-to-build-australias-largest-ever-property-solar-program