AMP Capital hits 100 per cent renewable energy target for east coast assets seven years ahead of target

AMP Capital has today announced that its east coast assets will be 100 per cent powered by clean energy after securing renewable Power Purchase Agreements (PPAs) with CS Energy in Queensland, Red Energy in NSW/ACT and SmartestEnergy in Victoria.

The new PPAs cover 20 major real estate assets that were managed by AMP Capital when the agreements were finalised in late 2022 and will see the portfolio achieve net zero seven years ahead of an original 2030 target.

“These renewable energy contracts represent a huge step towards AMP Capital’s 2030 Sustainability Strategy target of Net Zero Carbon,” AMP Capital’s Senior Sustainability Manager, Erik Moore said.

“This is a great outcome for these iconic assets in New South Wales, Queensland, Victoria and Canberra, and an even better result for the environment.”

The assets to be covered by the new PPAs include Pacific Fair (now managed by The GPT Group) and Indooroopilly shopping centre in Queensland, Macquarie Shopping Centre and Casula Mall in Sydney and 425 Collins Street in Melbourne.

"These agreements will deliver more than just renewable energy for the 20 assets - they are helping to decarbonise the electricity network by bringing additional renewable demand onto the national energy market,” Mr Moore said.

“We’ve managed to achieve these competitively priced power deals by leveraging the size of the portfolio and working closely with our business and supply partners. We have also locked in contract terms which means the assets are shielded from spot-market price increases, which is a great outcome for tenants and owners.”

CS Energy Chief Executive Officer Andrew Bills said the business was proud to be playing its part in assisting AMP Capital’s managed assets to achieve net zero well ahead of target.

“We are delighted to have reached an agreement with AMP Capital to fast-track its net zero ambitions,” Mr Bills said.
“There is a high degree of interest from customers in having renewables as a significant portion of their load and CS Energy is catering for this demand through our portfolio of renewable energy projects in regional Queensland.”

SmartestEnergy CEO Robert Owens said the business was looking forward to playing a key role in accelerating AMP Capital’s drive towards net zero.

“SmartestEnergy are excited to have reached an agreement with AMP Capital to supply its Victorian assets with 100 per cent renewable energy through to the end of the decade,” Mr Owens said.

“This agreement shows that Australian companies are serious about achieving carbon neutrality, and SmartestEnergy is connecting more businesses to renewable generation to help them on their journey towards net zero.”

Roger Whitby Acting CEO of Snowy Hydro Ltd, said “Snowy Hydro has been a leader in renewable energy for decades. We are delighted to partner with AMP Capital to provide their electricity for seven years through our retailer Red Energy. AMP Capital’s purchase of our renewable product TrueGreen™ demonstrates their commitment to sustainability and emissions reduction.”

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About AMP Capital’s commitment to addressing climate change
Climate change is one of the greatest Environmental, Social and Governance (ESG) challenges facing investors today, with the World Economic Forum rating “extreme weather events” and “failure to mitigate or adapt to climate change” as two of its top global risks. As a real estate manager, AMP Capital understands and acknowledges the reality of human induced climate change and is taking strong actions to de-carbonise and adapt its real estate portfolio.

AMP Limited has entered into a sale agreement with Dexus for AMP Capital’s domestic infrastructure equity and real estate business.

About CS Energy
CS Energy is a proudly Queensland-owned and based energy company that provides power to some of the state’s biggest industries and employers. The business employs approximately 500 people who live and work in Queensland. CS Energy generates and sells electricity into the National Electricity Market (NEM), is an energy retailer to commercial and industrial businesses, and is investing in new energy assets, including solar and wind farms, renewable hydrogen and storage.

About Smartest
SmartestEnergy is focused on purchasing renewable energy and supplying electricity to large business customers across the National Electricity Market (NEM). SmartestEnergy does not own any fossil fuel or any generation assets at all - we contract with independent renewable generators and access the wholesale market to provide the energy we need to power our customers. We’ve been in Australia since 2020, although our history dates back over 20 years when SmartestEnergy Limited began operating in the UK as an aggregator of independent renewable generators in 2001.

About Red Energy
Red Energy is 100 per cent owned by the mighty Snowy Hydro, making us 100 per cent Australian. Our award-winning Customer Solutions Team is based in Australia, so our customers benefit from dealing one-on-one with a local team, and the economy benefits from keeping jobs here.