Mirvac: Energy Supply Agreement (ESA)

Energy Supply Agreement (ESA)

Mirvac, with the help of an external energy market specialist and after close consultation with energy retailers, negotiated a renewable Energy Supply Agreement (ESA) with Australian “gentailer” Red Energy, to supply the majority of their operational portfolio in NSW, ACT and Vic with 100 per cent, fully firmed renewable electricity.

Key benefits

• Across the assets, renewable supply agreements have helped deliver an approximately 80 per cent reduction in Mirvac’s carbon emissions. This reduction accelerates progress against Mirvac’s target to be net positive carbon by 2030, and is clear support for Mirvac’s recent commitment to the RE100 program.
• Mirvac achieved a reduction in scope 3 emissions through the on-selling of renewable energy to tenants within their embedded networks. This represents a significant reduction in scope 3 emissions, an area that has been increasingly flagged by investors as a key point of influence for the property industry.
• The agreement provides certainty of pricing during which electricity pricing is expected to remain volatile.
• It has strong alignment with investor expectations to rapidly reduce carbon emissions and remain an investor safe choice for financial and sustainability performance.