APAC-based real asset manager ESR’s Australia arm has partnered with local solar energy platform Solar Bay to invest up to $319 million in renewable energy infrastructure over the next decade.
The partnership seeks to provide renewable energy solutions for ESR Australia’s customers, reducing up to 56,000 tonnes of carbon dioxide per year from operations.
The partnership will also facilitate the installation of renewable energy infrastructure across ESR’s portfolio, with potential to install up to 125,000 solar panels to achieve its 50MW target.
ESR Australia’s customers will benefit from reduced energy costs of up to 50% via the installation of up to 50 MW of solar capacity, 300 MW of battery storage, and electric vehicle (EV) charging infrastructure.
“Through the provision of clean energy, we are seeking to alleviate pressure on our customers from
growing energy costs while mitigating the environmental impact of the increasing electrification of operations.” said Phil Pearce, CEO of ESR Australia.
ESR is APAC’s largest real asset manager powered by the new economy and the third-largest listed real estate investment manager globally, with approximately $150 billion in total assets under management (AUM).
Founded in 2016, Solar Bay provides renewable energy infrastructure for commercial and industrial (C&I) properties, counting Charter Hall, Lendlease, LOGOS, and Coles among its clients.