Super fund ISPT has announced a major rollout of solar across CBD properties, which could eventually cover 59 buildings across the country.
The first stage will see 13,000 square metres of solar PV put on the roof of 13 major buildings covering 350,000 sq m of office and retail space. Already installations are complete for 100 St Georges Terrace in Perth, 7 London Circuit and 18 Marcus Clarke Street in Canberra, and Central West Shopping Centre in Melbourne.
ISPT’s $1.2 million investment in the first stage of the four-stage project is forecast to produce a full return on investment in 3.5 years.
Stage 2 will see a further 45,000 sq m of solar installed by 2019.
“We conceived this project in 2016 following a national review of our key property assets in terms of the opportunity to install rooftop solar PV panels,” ISPT general manager – sustainability & technical services Alicia Maynard said.
“We found the opportunity was immense, so a wide-scale rollout made sense. It means our customers and tenants benefit from lower power bills and greater energy security, and for ISPT, it helps future-proof the assets in our portfolio.”
ISPT CEO Daryl Browning said the company had some of Australia’s greenest buildings in its portfolio.
“Our commercial property portfolio has a 4.8-star average energy efficiency rating under NABERS, with the range of measures we have implemented over the past decade generating a $27 million reduction in utility costs. The national solar project is another progressive step in the right direction.
“The solar PV rollout is about positioning our portfolio to be at the forefront of the move to clean energy, taking an industry-leading position that will deliver value for our tenants, dividends for our investors and better solutions for our environment.”