The property arm of Australia’s Cbus superannuation fund has received a AUD100m (€62.67m) project finance from the government-owned green bank.
The Clean Energy Finance Corporation (CEFC) has invested the amount in Cbus Property’s AUD1bn Collins Arch mixed-use development in central Melbourne.
As developer of the twin-tower, 47-level complex, Cbus Property will direct the investment to a range of industry-leading clean energy technologies. The plan is to reduce the property’s carbon footprint by 20%-25%.
Cbus Property CEO, Adrian Pozzo, said: “The CEFC facility aligns perfectly with our long-standing focus on sustainability.
“The sustainability features incorporated throughout Collins Arch will help us deliver on our global commitment to achieve ‘net zero’ carbon emissions across our portfolio by 2030.”
Cbus Super has a climate change roadmap to achieve zero emissions over its entire portfolio of real estate and infrastructure assets by 2030.
CEFC Property Lead, Chris Wade, said: “Developments such as Collins Arch are a practical example of how clean energy technology can substantially improve the emissions profile of our buildings and cities.
“This investment continues our strong focus on reducing greenhouse gas emissions in the property sector, which is responsible for as much as 25 per cent of Australia’s carbon footprint.”
The twin towers of the Collins Arch building, linked by skybridge, will include 184 residential apartments, 50,000sqm of office space across 24 levels, a 294 room 5-star W Hotel and a 1,000sqm of retail area.
CEFC CEO, Ian Learmonth, said: “For the CEFC, this investment is about creating new environmentally- sustainable standards in our cities, locking in a low carbon approach to building design and management that can deliver positive benefits over the long term.”
