REAL ESTATE INVESTMENT TRUSTS & FUNDSSUSTAINABILITY

Charter Hall powers ahead, cuts emission by 70pc

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PROPERTY giant Charter Hall has entered a long-term Power Purchase Agreement (PPA) with ENGIE to supply 100% electricity from renewable source across the group’s entire portfolio.

The PPA is set to reduce Charter Hall’s emissions by 70% from 2024, when the partnership becomes active, covering the procurement of 151GWh of renewable energy each year of the seven year agreement.

“At Charter Hall, we are leveraging our platform-wide scale and ENGIE’s world-leading renewable power capacity to unlock value and secure competitively priced, renewable electricity. This will deliver long-term benefits and mutual success to our partners, customers, communities and the planet,” said David Harrison, CEO and managing director of Charter Hall Group.

The 151GWh of energy, which is the equivalent needed to power around 26,000 average homes annually, will be provided to the group’s 152 sites, sourced from state-based wind and solar renewable energy projects, including ENGIE’s Willogoleche Wind Farm, Woolooga Solar Farm.

“Further, our investment in procurement of renewable electricity will assist Australia’s transition to a low carbon economy and accelerate the industry’s growth and potential to secure new and improved renewable technologies, to benefit generations to come,” added Harrison.

In addition to cutting down Charter Hall’s emissions, the PPA will also enable the group to stay on-track with its 2030 goal of net zero carbon in operation.

“We are delighted to partner with Charter Hall on their journey towards net zero, and bring them our proven expertise in risk and assets management, delivered through our Global Energy Management & Sales (GEMS) team,” said Andrew Hyland, CEO of ENGIE Australia & New Zealand.

Back in May, Charter Hall secured a further $1 billion in sustainability-linked loans, taking total sustainable finance transactions across the group for $2.4 billion.

While in April, in a first for Charter Hall, their 171 Collins Melbourne CBD asset with Cbus Property was the latest office building to achieve Climate Active Carbon Neutral Certification.

“Innovative, long-term agreements such as this market-leading PPA with Charter Hall also support investment in new, renewable energy capacity, which is a priority for ENGIE,” concluded Hyland.

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