Stockland, Australia’s largest diversified property company and a global leader in sustainability, today announced it will roll out Australia’s largest ever property solar project at 10 of its shopping centres across the country.
The $23.5 million investment will see Stockland install more than 39,000 Photo-Voltaic (PV) panels, comparable in size to more than 9 rugby fields, across roof space on retail centres in areas such as Merrylands, Burleigh Heads, Point Cook and Wendouree.
Mark Steinert, Managing Director and CEO of Stockland said this solar commitment sets a new Australian standard and was a true reflection of Stockland’s leadership in sustainability.
“We are 100% committed to investing in sustainable energy. We’re extremely proud to be setting a new standard in solar for Australian property which will help create clean, green energy for our retailers, our customers and the communities we operate in.
“We’ve already invested more than $4.5 million in successful solar projects at four of our shopping centres in NSW and this project will extend our reach across 10 of our centres on the east coast.”
Stockland already has more solar panels installed across its assets than any diversified property company listed in Australia, and will roll out new solar installations across shopping centres in New South Wales, Queensland and Victoria.
Combined, the project is expected to produce 17.2 GWh of energy every year, the equivalent to driving an electric car around the world 2,381 times.
Stockland has solar projects installed across Stockland Shellharbour, Stockland Wetherill Park and Stockland Nowra shopping centres in NSW, as well as an existing installation at Stockland Green Hills, which will be expanded as part of this project. These projects have been a great success so far, generating over 2.3 million kwh of energy.
"Investing in technology like solar energy is not only environmentally sustainable, it also makes good business sense. Our forecast average yield over a 10 year period is 11.6 per cent on capital invested, generating strong shared value for both our investors and our communities,” Mr Steinert continued.
Today’s announcement reaffirms Stockland’s position as a global leader in sustainability, and brings the company closer to its target for a 60 per cent carbon intensity reduction for its office and retail assets over the FY06-FY25 period.
Stockland owns and operates the most green star rated shopping centres in the country and is proud to be rated as one of the most sustainable property companies in the world.
In 2016, Stockland was recognised as the most sustainable real estate company in the world in the Dow Jones Sustainability Index (DJSI) and achieved Global Sector and Regional Sector Leader status in the Global Real Estate Sustainability Benchmark (GRESB) survey in the category Diversified - Retail/Office, and retained a top five position in both categories for 2017.