Cbus members to benefit from reduced emissions through Cbus Property deal
Cbus Super, Australia’s leading building and construction industry super fund, today congratulated Cbus Property and its partners for their innovative investment in the City of Melbourne’s second Melbourne Renewable Energy Project (MREP2), announced this week.
The group has secured a multi-million-dollar deal to power its operations using wind energy produced in regional Victoria. Facilitated by the City of Melbourne, the MREP2 agreement with Tango Energy is equivalent to taking 28,000 cars off the road every year or powering 22,000 households.
Cbus CEO David Atkin said, “I congratulate Cbus Property and the City of Melbourne on this innovative renewable energy partnership. Cbus has set a target for all its property holdings to be Net Zero emissions by 2030 and this investment will move us towards that important target.
“We know that the commercial market is looking for high-tech, low-emissions tenancies and involvement in these kinds of innovative projects is a market advantage. Cbus Property is one of Australia’s leading property companies in terms of sustainability and this deal further reinforces its leadership while delivering savings to its tenants.”
As part of the agreement, the carbon emissions from Cbus Property’s Melbourne assets are forecast to be reduced by 70 per cent, a fantastic milestone towards the company achieving its long-time goal of Net Zero Carbon by 2030.
MREP2 starts this month, with Tango Energy to provide 110 GWh of renewable electricity per year to the purchasing group over 10 years. Most of the wind power will be produced at Pacific Hydro’s Yaloak South Wind Farm near Ballan, with the remaining energy coming from other wind farm projects across regional Victoria.
In addition to Cbus Property, the purchasing group of seven large energy users includes RMIT University, Deakin University, ISPT, Fulton Hogan, Citywide Asphalt Group, and Mondelez International. This is the second purchasing agreement facilitated by the City of Melbourne.
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