Raising the roof with inter-asset energy trading

5 min
19 April 2024

Through a new partnership with distributed energy resources company, Energy Bay, Stockland is using inter-asset energy trading to allow solar energy generated on the rooftops of its shopping centres and logistics assets to be used at its other commercial buildings and land lease communities. 

The innovative move means Energy Bay will develop, install and operate approximately 250,000 square metres of solar panels on Stockland’s roofs – the equivalent of 35 football fields. 

Energy Bay CEO, James Doyle and Stockland GM Workplace, Emlyn Keane at Stockland's Leppington Business Park

The partnership is a significant step towards Stockland’s transition to a low carbon future using innovative, scalable and economically sustainable solutions. It is expected to make a significant contribution to the achievement of its net zero scope 2 emissions in 2025 by generating as much power as the portfolio consumes each year and retiring the renewable energy certificates that are created.

Stockland Executive General Manager, Workplace, Emlyn Keane, said this market-leading scheme to trade solar energy among Stockland assets unlocks the abundant roof space of its logistics premises so that excess energy generated can be traded to properties across the Stockland Group. 

“The partnership allows us to use our own rooftops rather than requiring additional land for solar farms and avoids the premium cost of renewable energy power purchasing agreements. 

“The base power demands of logistics assets are low, meaning our retail town centres and workplaces can draw on the renewable energy generated on these rooftops to offset their consumption, which is typically higher,” he said.

Earlier this year, Stockland revealed ambitious plans to accelerate and expand its carbon commitment and set science-based targets across its scope 1, 2 and 3 emissions, including: 

  • Net zero scope 1 & 2 in 2025* 
  • Most material scope 3 emissions intensity halved by 2030** 
  • Net zero scope 1, 2 & 3 by 2050 

Stockland’s net zero ambitions are supported by the Clean Energy Finance Corporation (CEFC). 

CEFC Head of Property, Michael Di Russo, said: “Australia’s buildings consume around half of the nation’s electricity, and up to 77 per cent of energy network system capacity during peak periods. This latest milestone is an important demonstration of the innovation needed as we work towards Australia’s energy transition. 

“The property industry has a key role to play in continuing to innovate and push to further decarbonise for Australia to meet our emissions reduction targets,” he said. 

Energy Bay Chief Executive Office, James Doyle, said the initiative would deliver significant environmental benefits. 

“Through this partnership, Energy Bay will develop, install and operate a major renewable energy platform, right on the rooftop of Stockland’s vast commercial assets, on-selling the energy produced back to Stockland at a competitive price. 

“It is a fantastic step in the decarbonisation of the Australian commercial sector, allowing Stockland to substantially achieve its 2025 net zero scope 2 emissions target, and mitigate an estimated 50,000 tonnes in CO2 emissions annually.” 

As the partnership progresses, Stockland will explore how tenants across its property portfolio can also join the scheme and help reduce scope 3 emissions. There are also plans underway for future battery storage to optimise the amount of renewable energy at these sites.

Further information

Learn more about Stockland's ESG Strategy here.