AMP Capital has signed a seven-year renewable power agreement with Diamond Energy to push forward to its zero net carbon target.
The power purchases agreement (PPA), signed with Diamond Energy, means that AMP Capital’s Wholesale Office Fund (AWOF) has as of 1 January achieved zero net carbon for its internally managed assets, succeeding its previous goal of 2030.
“The signing of this renewable electricity agreement marks a significant milestone for the portfolio and for our investors,” said Kit Georgeos, fund manager.
This is just one of AMP Capital’s initiatives working towards the goal of zero net carbon in its entire $28 billion portfolio of managed real estate by 2030.
“It allows us to deliver on our commitment to achieve long-term sustainable outcomes across the real estate assets we manage and support a renewable energy future. Importantly, it’s being delivered in a way that is cost-neutral relative to the price the Fund has paid for electricity over recent years,” said Georgeos.
Through this contract, energy is being sourced is linked to central NSW solar farms. AMP will procure and retire renewable energy certificates that match 100% of AWOF’s base building electricity consumption.
“We are proud to partner with AMP Capital and look forward to helping to bring to life their commitment to achieving zero net carbon by 2030. Agreements like these go a long way to reducing carbon emissions and supporting new renewable energy projects in Australia,” said Tony Sennitt, managing director of Diamond Energy.
The contract will lead to zero carbon emissions associated with power consumed in AMP’s base building services, which encapsulates energy used in air conditioning and lifts.
“The signing of this renewable electricity contract helps support the viability of new solar farms and provides a market signal that there is demand for more renewable electricity generation facilities to be built,” said Chris Nunn, head of sustainability for AMP Capitals real estate team.
“The contract also supports clean energy jobs and the orderly transition away from fossil fuel dependence in Australia,” added Nunn.