Industry News

Elanor to meet 100% of shopping centre energy needs with renewables

Solar Bay and Momentum Energy will partner to deliver a combination of on-site and off-site renewables that will meet 100% of the energy needs at Elanor Investors’ Waverley Gardens, making it one of Australia’s first totally renewable-powered shopping centres.
The Waverley Gardens Shopping Centre in South East Melbourne will become one of the first in Australia to benefit from an innovative new model of on-site and off-site renewable energy, thanks to a partnership between renewable energy investment fund, Solar Bay, and energy retailer, Momentum Energy.
Solar Bay will deliver 887MWh of renewable energy to the shopping centre via a 640kW rooftop solar array, averaging about 20% of total demand. The remaining energy demand will be 100% offset from the Granville Harbour Wind Farm under Momentum’s new Project Linked Renewable Energy product, a partnership the two companies believe will be one of Australia’s most unique energy offerings.
ASX-listed Elanor Investors Group, co-owner of Waverley Gardens, along with an affiliate of global real estate investment manager Heitman, is delighted with this innovative renewable energy procurement model. Elanor plans to roll out the model across its Australian shopping centre portfolio, working with Momentum and Solar Bay.

“Partnering with Solar Bay and Momentum allows us to provide energy to our tenants that is 100% offset by renewables. The Solar Bay roof rental model will not only increase the centre’s capital asset value, we will also be able to pass value back to our tenants through cheaper energy,” said Elanor’s Head of Retail, Development and Mixed Use, Matt Healy.

“Our tenants will benefit from cheaper energy sourced from renewables and be able to track their positive impact,” said Healy. “There is nothing else like this in the market right now.”
Laura Craft, Heitman Head of Global ESG Strategy said Heitman invests today with a focus on the future, believing environmental, social and governance excellence leads to a better tomorrow.

“By implementing on-site and off-site renewables, Waverley Gardens is a prime example of energy excellence as we continue to transition to a low carbon economy,” she said.

Solar Bay has an extensive property portfolio, leasing retail and industrial roof space throughout Australia. Solar Bay Investment Director, Andrew Archibald, said Solar Bay is excited to be able to offer a 100% renewable product to Australian businesses.
“The model provides readily accessible green energy to businesses looking to lower energy costs and have a positive impact on the environment. Momentum Energy’s off-site renewable offering is the perfect complement to our own rooftop solar solutions. We are confident about the potential to expand this elsewhere.”
Momentum Energy’s General Manager Commercial and Industrial Retail, Dylan Durie, said the company was delighted to have Waverley Gardens as the first customer for its new Project Linked Renewable Energy product.

“This is a fully firmed corporate power purchase agreement that is backed by Momentum’s owner, Hydro Tasmania, meaning customer risk is eliminated when there is intermittent generation,” said Durie.

“Being owned by Australia’s largest generator of renewable energy, with a large proportion being dispatchable, puts us in a unique market position.
“By eliminating the spot market risk of intermittent generation, the Project Linked Renewable Energy product is very competitively priced, reducing the barrier of entry for smaller commercial customers and guaranteeing their energy is 100% offset by renewables.”
 Key facts and figures

  • The Momentum Energy Project Linked Renewable Energy product sources electricity from the Granville Harbour Wind Farm, a 112MW wind farm on Tasmania’s west coast. Hydro Tasmania has signed a long-term PPA to buy the energy from the wind farm.
  • By contracting through a retailer, customers avoid the project risks and associated legal costs of contracting directly with a renewable energy generator.
  • Waverley Gardens will be offsetting 4,400MWh per year, equivalent to the electricity usage of 840 average homes.
  • Waverley Gardens has approximately 110 tenants, including Coles, Woolworths, ALDI, Big W, CBA and Australia Post.
  • The Solar Bay/Momentum Energy model will be replicated across the Elanor Investors Portfolio, including Waverley Gardens, Tweed Mall, Neeta City, Riverside Plaza, Gladstone Square and Hunters Plaza, which is currently under construction.

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