Private health insurance company Bupa has inked a deal to match 100 per cent of the energy demands of its Australian operations, including corporate offices and aged care facilities, with a mix of renewables from Pacific Hydro.
The deal will see Bupa buy renewable energy certificates generated from Pacific Hydro’s portfolio of wind and hydropower projects, an arrangement sometimes referred to as a sleeved PPA, in that it is not a direct contract to buy the electrons from a specific renewable energy project.
The 30GWh a year agreement, which is effective immediately, is still a significant commitment to sustainable business and climate action from Bupa, however, and a boon to Pacific Hydro’s vertically integrated renewable generation and retail business.
“Providing renewable energy to companies such as Bupa builds the demand necessary for
us to develop new assets in Australia,” said Pacific Hydro CEO Dominic Capomolla.
“We currently reduce over 1.6 million tonnes of carbon emissions each year, and our portfolio remains 100% renewable.
As we continue to grow our generation and retail arms, we’re proud to be establishing a new normal, where running on renewables is accessible, cost effective, and helps our partners and customers reduce their emissions.”
Founded all the way back in 1992, Pacific Hydro has been a leader in the renewable energy space in Australia, building a diversified portfolio of wind, hydro and solar assets with an installed capacity of 665MW and lanching electricity retail business, Tango Energy.
In 2016, Pacific Hydro was acquired by the State Power Investment Corporation (SPIC), one of the top five power generation groups in China, with $US154 Billion total assets and a total installed capacity of more than 131GW.
Bupa Asia Pacific CEO Hisham El-Ansary said the deal with Pacific Hydro was a significant
milestone on the company’s path to net zero emissions by 2040 – which seems like a reasonable target for a company dealing in human health.
“As a health and care company, we consider it vital to lead with action reducing our environmental footprint in delivering healthcare, particularly given the strong links between the health of the environment and human health.
“While there is still a lot of work to do across our Australian and global operations, this partnership with Pacific Hydro reflects tangible actions we are taking towards delivering on our net zero target.”
