CEFC extends investment in Western Australia with backing for Curtin University innovation hub
24 July, 2019
The CEFC has announced a further significant investment in the Western Australian market, committing $120 million in finance to Curtin University to support the development of its exciting new innovation hub. Total CEFC investments in WA now stand at $375 million, across a diverse range of projects.
The latest CEFC investment will see the next generation of Curtin University students reap the benefits of clean energy, via new student accommodation within the university’s Perth innovation hub. The mixed-use Exchange development will deliver improvements in energy efficiency and lower carbon emissions while providing world-class educational facilities.
CEFC CEO Ian Learmonth said: “We are delighted to extend our presence in Western Australia, financing student accommodation as part of this landmark project with a leading institution such as Curtin University.
“We see WA as playing an increasing role in Australia’s transition to lower emissions, given the size and diversity of the state economy and the appetite for innovation.
“Already we have financed the major Avertas energy-from-waste facility in Perth, invested in the Pilgangoora lithium mine in the Pilbara and helped deliver the largest integrated off-grid solar and battery storage facility in Australia, at Sandfire's DeGrussa Copper-Gold Mine.
“We are also investing in exciting low emissions projects in agriculture and business in WA. Together these projects are delivering financial and environmental benefits to the state, demonstrating how WA can benefit from clean energy related investments.”
The CEFC has committed up to $120 million in debt finance towards Curtin University’s $300 million Perth-based Exchange project. Construction is due to start in August, with the first stage of the development to open in January 2022.
Curtin University Vice-Chancellor Professor Deborah Terry said: “Exchange has been designed to transform Curtin’s main Perth Campus into a major innovation hub where research, industry and the wider community will be able to come together to drive real-world solutions to tomorrow’s challenges in one convenient location, so I am absolutely delighted that this important milestone has been achieved.
“Our new student accommodation will be located in the heart of our main Perth Campus, and has been designed to complement our current 1,150 student accommodation beds. The new development will target 5-Star Green Star Design and As Built, which includes water recycling, energy minimisation initiatives and is situated close to Curtin’s bus interchange.”
InfraRed Capital Partners’ Chief Executive Werner von Guionneau said: “We are delighted to partner with a leading organisation such as Curtin University to work on this unique project to deliver and manage world class facilities which will enhance the learning experience of students for decades to come.”
“The project incorporates various sustainable initiatives and alternative energy generation sources to ensure long-term sustainability and reduce the overall impact of the development on the environment. Our involvement in this project is a further example of InfraRed’s commitment to sustainable infrastructure.”
CEFC transaction lead Victoria Adams said: “University campuses are exciting microcosms of our future cities. They bring together a wealth of experience and learning and represent enormous potential to develop and demonstrate how clean energy technologies can be integrated to deliver long-term sustainability benefits to communities.
“This development will drive a new benchmark for universities seeking to create inspiring, sustainable integrated facilities for their students to use as a springboard towards a net zero emissions future.”
The Exchange development is expected to save more than 2,455 tonnes of carbon emissions annually – the equivalent of taking about 520 cars off the road each year. To achieve that target, integrated sustainability initiatives will include a high-performance building façade, energy efficient heating, ventilation and air conditioning, energy efficient internal lighting systems and more than 300kw of solar PV across the project.
ABOUT CURTIN UNIVERSITY
Curtin University is Western Australia’s largest university, with more than 56,000 students. Of these, about 26 per cent are international students, with half of these studying at the University’s offshore campuses. The University’s main campus is in Perth. Curtin also has a major regional campus in Kalgoorlie in addition to four global campuses in Malaysia, Singapore, Dubai and Mauritius. Curtin is ranked in the top one per cent of universities worldwide. It was placed in the top 200 globally and ninth in Australia by the Academic Ranking of World Universities (ARWU) 2018.
ABOUT INFRARED CAPITAL PARTNERS
InfraRed Capital Partners is a leading global investment manager focused on infrastructure and real estate, managing US$12 billion of equity capital in multiple private and listed funds, primarily for institutional investors across the globe. InfraRed strives to be a responsible investor and to develop and manage long term sustainable real estate and infrastructure assets.
Media release, 2019