A $500 million deal between renewable energy fund Solar Bay and property and investment company ESR Australia will install 50MW of solar panels and 300MWh of battery storage across commercial warehouses by 2033.
“Our customers’ energy requirements have grown significantly due to the uptake of electric-powered automation and are set to grow with the further adoption of technology and the take up of electric vehicles,” says ESR Australia CEO, Phil Pearce.
“Through the provision of clean energy, we are seeking to alleviate pressure on our customers from growing energy costs, while mitigating the environmental impact of the increasing electrification of operations.”
ESR says it will work closely with its customers to provide bespoke energy solutions that could cut their energy bills by up to 50% on their current offer.
“In some cases, customers may also purchase the green certificates to put towards their own emission reduction objectives,” Pearce said.
ESR is the third largest listed real estate investment company globally and ESR Australia has $15.2 billion worth of assets under management.
They lease properties to companies like Woolworths, Bunnings Warehouse, Toll, and Australia Post.
If successful, this partnership could lead to significantly more solar on ESR properties throughout Australia, as well as new solar projects added to developments currently in the pipeline.
“The multi-year partnership also allows us to maximise renewable energy penetration across ESR’s development pipeline by implementing innovative electrification solutions like embedded networks during the build stage, giving customers access to cost-competitive, 100% renewable energy,” says Solar Bay Director James Doyle.
“This partnership is proof of the rapid increase in demand for green energy solutions, and together with ESR we look forward to continuing to play a leading role in the sector’s transition away from carbon-based fuels over the coming years.”
Solar Bay has undertaken a number of other renewable energy projects in the past.
Back in 2021 Solar Bay announced a plan for a 150 MW (now 170 MW) solar farm to be built next to Christchurch airport in New Zealand.
Last year it signed a 30-year partnership with Asia-Pacific logistics outfit Logos to install a massive 60 MW of solar and 150 MWh of battery storage at an industrial and warehouse site. Logos was acquired by ESR Group in 2022.
