Four major shopping centres in Brisbane and the Gold Coast are going green after entering a deal with CS Energy to source 100 per cent of their electricity needs from renewable energy.
The retail agreement with AMP Capital covers Indooroopilly Shopping Centre, Gasworks and Brickworks, along with other real estate assets managed by AMP Capital in Queensland. The deal also applies to Pacific Fair Shopping Centre, which is now managed by The GPT Group.
Energy, Renewables and Hydrogen Minister Mick de Brenni said the seven-year deal is CS Energy’s first 100 per cent renewable energy contract and marked the acceleration of its diversification in response to customer demands.
“We know that consumers are demanding action on climate, now shoppers at these Queensland icons will be able to enjoy the experience knowing they are creating a cleaner environment,” Minister de Brenni said.
AMP Capital’s Senior Sustainability Manager, Erik Moore said that the deal signed between CS Energy and AMP Capital was a great outcome for the iconic Queensland retail assets, and an even better result for the environment.
"The signing of this Power Purchase Agreement, along with two others in NSW/ACT and Victoria which have all now come into effect, represents a huge step towards AMP Capital’s 2030 Sustainability Strategy target of Net Zero Carbon with 20 assets supplied by 100% renewable electricity,” Mr Moore said.
“We’ve managed to achieve these competitively priced power deals by leveraging the size of the portfolio and working closely with our business and supply partners.
“In addition, the contract terms were negotiated before the recent significant price increases in the electricity market and under the terms of the agreement the assets are shielded from spot-market price increases, which is a great outcome for tenants and owners,” he said.
Image: CS Energy CEO Andrew Bills (centre) with Minister de Brenni and Minister for the Environment and Great Barrier Reef Meaghan Scanlon.
CS Energy CEO Andrew Bills said they were proud to support AMP Capital to achieve their net zero emissions targets.
“CS Energy is responding to the changing needs of large energy users by developing renewable energy product solutions that specifically meet their decarbonisation goals,” Mr Bills said.
"We currently have almost 300 megawatts of contracted renewables in our portfolio to support the requirements of our large commercial and industrial customers,” he said.
CS Energy has an offtake agreement for 100 per cent of the output of the 162-megawatt Columboola Solar Farm, which it is on selling to AMP Capital and other large commercial and industrial customers.
The full list of assets included in the retail agreement between CS Energy and AMP Capital is:
- Retail: Pacific Fair Shopping Centre (now managed by The GPT Group), Indooroopilly Shopping Centre, Gasworks and Brickworks.
- Commercial: Milton Green (incorporating Cribb Street), 199 Grey Street and Stanley House.
- Industrial/logistics: Acacia Gate Industrial Park.
Image: Columboola Solar Farm on the Western Downs.