A NEW GENERATION OF ENERGY
The supply of renewable energy to our properties through long-term Power Purchase Agreements (PPAs) are key to helping us reduce reliance on fossil fuels. They form part of our five-step carbon strategy, and are critical to ensuring we hit our flag on the hill target to be powered from 100% renewable electricity by 2025.
ISPT now has two PPAs in place, providing electricity for nearly 70% of buildings across our portfolio, and paving the way for more Australian corporations to take bold action on climate change.
Melbourne Renewable Energy Project (MREP2)
ISPT joined forces with some of Melbourne’s most prominent universities and businesses for the Melbourne Renewable Energy Project (MREP2). Facilitated by the City of Melbourne, the project brings large energy users together to combine collective purchasing power and support Victorian renewable energy facilities.
Through this collaboration, we secured a long-term electricity contract that delivers value for our Investors while significantly reducing carbon emissions across our portfolio. We have 22 properties in MREP2 and from July 2020, all electricity procured is carbon neutral.
To learn more about MREP2, click here.
NSW and ACT Power Purchase Agreement
We’ve used the knowledge gained from MREP2 to establish an independent Purchase Power Agreement (PPA) to power our properties in NSW and ACT with renewable energy. Starting in July 2021, nearly 24 GWh of electricity per year will be supplied from the Bodangora wind farm in NSW. The agreement will reduce greenhouse gas pollution by 16,000 tonnes a year in NSW, comparable to taking 3,700 cars off the road every year.
23 properties in NSW, and 9 in ACT will be powered through the agreement for the next ten years. The rates offered through the PPA represent a reduction compared to the previous retail supply agreement, meaning more value for our investors.