The Hon. Annastacia Palaszczuk MP, Premier of Queensland, and QIC Global Real Estate (QIC GRE) Managing Director, Michael O’Brien, today announced a ground-breaking partnership between QIC and Yurika Energy to deliver a whole-of-system renewable energy solution, incorporating PV Solar technology, battery storage and 24/7 system monitoring to optimise the value of onsite renewable energy.
This new partnership, and the subsequent rollout of Yurika’s Smart Connected Solar technology across QIC GRE’s Australian retail assets, will:
QIC GRE Managing Director, Michael O’Brien, said the rollout of the solar technology will serve as the platform to drive QIC GRE’s market-leading energy management strategy.
“Yurika Energy’s Smart Connected Solar technology, coupled with the substantial physical footprint of our portfolio of Australian retail assets will deliver significant efficiencies and large-scale renewable energy supply,” Mr O’Brien said.
“This renewable-energy-as-a-service approach will provide reliable, clean energy for our centres and our retail partners, significantly lowering the carbon footprint of our Australian retail portfolio and reducing grid electricity consumption by up to ~30% across the portfolio.”
The project rollout will occur in phases, with four of QIC GRE’s Queensland assets to receive the technology first, including Domain Central (Townsville, QLD), Grand Central (Toowoomba, QLD), Hyperdome (Logan, QLD) and Robina Town Centre (Gold Coast, QLD), with Watergardens in Melbourne also taking part in this first phase.
“Domain Central, Queensland’s largest bulky goods shopping centre, will be the first to benefit from Yurika’s holistic Smart Connected Solar program,” Mr O’Brien said.
“Following the installation of this solar technology, we expect the Centre to be fully energy self-sustained within three years, providing clean energy to our retail partners and significant relief to the energy network in the surrounding Townsville community.
“As part of this initiative we are also investigating the suitability of battery storage at Domain Central.”
Yurika Executive General Manager Carly Irving said the real estate market sector was actively investing in ‘behind the meter’ generation technology, energy management and building automation to transform assets towards a more sustainable footprint.
“The five sites are the first phase of a long-term partnership with QIC, with the potential to support QIC with emerging opportunities in Energy such as the evolution of their embedded networks, EV charging services, Virtual Power Plants and the addition of technology such as batteries in the future,” she said.
This partnership represents an important milestone in QIC GRE’s ongoing commitment to driving environmental performance across its retail portfolio.
“This landmark partnership is enabled by our ongoing focus on continuous improvement in ESG performance across our Australian retail portfolio, in alignment with QIC GRE’s investor-endorsed strategy, and assists us in our active pursuit of achieving net zero emissions,” Mr O’Brien said.
“The implementation of a national solar program also builds on our long-term relationship with the Clean Energy Finance Corporation (CEFC), to drive improved sustainability performance, which has assisted in the delivery of other tangible sustainability improvements, such as upgrades and automation of centre HVAC plant and equipment and the installation of LED lights.”
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We own and manage an AUD20.6[1] billion portfolio of circa 50 retail and commercial properties across Australia and the US on behalf of our institutional investment clients. Our management and investment approach centres on creating vibrant places at the heart of communities, where people choose to be, and where they feel proud to belong. Places that build local experiences and meaningful relationships; with spaces to support each part of our lives.
QIC is a long-term specialist manager in alternatives offering infrastructure, real estate, private capital, liquid strategies and multi-asset investments. It is one of the largest institutional investment managers in Australia, with A$80 billion (US$56 billion) in funds under management1. QIC has over 1000 employees and serves more than 110 clients. Headquartered in Brisbane, Australia, QIC also has offices in Sydney, Melbourne, New York, Los Angeles, Cleveland, San Francisco, London and Copenhagen. For more information, please visit: www.qic.com.
As at 31 December 2019
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