Queensland government-owned CS Energy has signed a power purchase agreement (PPA) with Australian-headquartered global investment manager AMP Capital which will see four major shopping centres in Queensland’s southeast source 100% of their electricity needs from renewable energy supplied by the 162 MW Columboola Solar Farm.
Queensland Energy Minister Mick de Brenni said the seven-year, 94 GWh per year PPA is CS Energy’s first 100% renewable energy contract and marks the acceleration of its diversification.
“The deal struck with AMP Capital is CS Energy’s first 100% renewable energy contract and demonstrates the company’s clear plan to transition to renewables, including more wind, solar, and storage,” he said.
CS Energy Chief Executive Officer Andrew Bills said the utility, which owns and operates the coal-fired Callide B and Kogan Creek power stations and has a 50% interest in the Callide C power station, is adapting to the transitioning energy market, developing tailored solutions for clients that meet their requirements in terms of energy usage, sustainability targets, and energy management.
“CS Energy is responding to the changing needs of large energy users by developing renewable energy product solutions that specifically meet their decarbonisation goals,” he said.
“We currently have almost 300 MW of contracted renewables in our portfolio to support the requirements of our large commercial and industrial customers.”
Included in that portfolio is the recently completed 162 MW Columboola Solar Farm which is expected to generate approximately 440 GWh of clean energy annually.
Situated about 10 kilometres northeast of the town of Miles in Queensland’s Western Downs region, the facility is owned by South Korea-based investment manager Hana Financial Investment.
CS Energy has a long-term offtake agreement in place for 100% of the output of the asset, which is it is now on-selling to AMP Capital and other large commercial and industrial customers, including a trio of Queensland universities.
The deal with AMP Capital will allow the Sydney-based investment manager to satisfy the electricity demands of the property portfolio it manages in Queensland with 100% renewable energy.
The retail agreement includes the Indooroopilly Shopping Centre, the Gasworks Plaza and the Brickworks Marketplace, the Milton Green office complex, the Acacia Gate Industrial Park, along with other real estate assets managed by AMP Capital in Queensland. The deal also applies to Pacific Fair Shopping Centre, which is now managed by The GPT Group.
AMP Capital’s Senior Sustainability Manager Erik Moore said the deal with CS Energy marks a significant milestone in delivering on the company’s commitment to achieve long-term sustainable outcomes across the real estate assets it manages.
“The signing of this power purchase agreement, along with two others in NSW/ACT and Victoria which have all now come into effect, represents a huge step towards AMP Capital’s 2030 sustainability strategy target of net zero carbon with 20 assets supplied by 100% renewable electricity,” he said.
AMP Capital also has PPAs in place with energy retailers SmartestEnergy and Diamond Energy. The electricity procured through the SmartestEnergy contract is linked to a solar farm near Numurkah in Victoria, while the Diamond Energy deal is linked to solar farms in central NSW.
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