Cbus invests in Vic wind farm

image
image
expand image

Building and construction industry superannuation fund, Cbus Super, has announced an investment in the second Melbourne Renewable Energy Project (MREP2) via Cbus Property.

The group had secured a multi-million-dollar deal to power its operations using wind energy in regional Victoria, facilitated by the City of Melbourne.

The MREP2 agreement with Tango Energy would be the equivalent of taking 28,000 cars of the road every year or powering 22,000 households.

As part of the agreement, the carbon emissions from Cbus Property’s Melbourne assets forecast to be reduced by 70%.

David Atkin, Cbus chief executive, said Cbus had set a target for all its property holdings to be net zero emissions by 2030.

“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,” Atkin said.

“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.”

MREP2 would start 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 would be produced at Pacific Hydro’s Yaloak South Wind Farm near Ballan, with the remainder from other wind farm projects across the state.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

10 months 2 weeks ago
Kevin Gorman

Super director remuneration ...

10 months 3 weeks ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

10 months 3 weeks ago

The fund’s inaugural chief retirement officer is looking to establish a new venture. ...

3 hours ago

The sovereign wealth fund remains cautious of the impact of high inflation as it announces a strong return in its latest update....

21 hours 36 minutes ago

In this latest edition, Anna Shelley, CIO at AMP, shares the fund’s approach to current market conditions and where it continues to uncover key opportunities....

22 hours 40 minutes ago