AUSTRALIA’S largest office landlord Dexus has struck a new renewable Energy Supply Agreement with Snowy Hydro, paving the way to net zero emissions.
Dexus and Red Energy, which is 100% owned by Snowy Hydro, have signed an MoU for a seven-year renewable energy supply agreement which will see Dexus buy renewable energy off-site to power more than 40 buildings.
“This is a first for an Australian real estate investment trust and supports our ambition to achieve net zero emissions by 2030,” Dexus executive general manager for sustainability David Yates said.
Dexus expects to source more than 300 gigawatt hours of renewable energy over the seven-year period – equivalent to the energy consumed by 38,000 households over a year.
Dexus head of group sustainability and energy Paul Wall said this agreement allows the group to hedge a portion of its power price, providing a buffer against energy market uncertainty.
“The deal has been struck at below current market rates and leverages the large scale generation certificates subsidies, resulting in a fixed price for 50% of our energy load over the next seven years.
“This means we can pass the savings directly to our customers, while operating our buildings using a responsible, emission-free source of energy.
“This new deal is expected to reduce the retail energy rate which we pass onto our customers through outgoings by more than 10% compared to existing contracted rates.” Wall said.
Australian Property Journal