The “multi-year partnership” between ESR and Solar Bay is hoping to deliver 50% cost savings to the companies’ commercial and industrial (C&I) customers. It seems the partnership will focus on deploying renewable technologies on new warehouse builds, though retrofitting may also be part of the program.
The renewable energy program, which will boost real asset manager ESR’s sustainability credentials, is set to invest $500 million over the next ten years. While solar is a major part of that program, battery storage appears the mainstay – with the companies saying they expect to deploy 300 MW, though it is not clear what kind of durations they are looking into.
The pair are seeking to install roughly 125,000 solar panels, capable of generating 500 MW.
According to the Australian Financial Review, the partnership will see ESR and Solar Bay establish a new company to sell energy generated from these behind-the-meter systems back to warehouse tenants.
“ESR Australia will work closely with our customers to provide bespoke energy solutions with a view to offering savings of up to 50% on their energy bills with retail providers,” ESR Australia CEO, Phil Pearce, said.
“The multi-year partnership also allows us to maximise renewable energy penetration across ESR’s development pipeline by implementing innovative electrification solutions like embedded networks during the build stage,” Solar Bay Director and Co-Founder, James Doyle, added.
The pair say their renewable infrastructure strategy will “continually evaluate opportunities for the installation of solar across ESR Australia’s 4.1 million sqm portfolio and 2.3 million sqm development pipeline.”
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