QSCF shopping centres target improvements in energy efficiency
Sustainability savings for shopping centres
QIC Global Real Estate is delivering improvements in energy efficiency across its QIC Shopping Centre Fund portfolio of Australian shopping centres.
NABERS rating target
The CEFC facility is QSCF's first ‘green debt’ facility and the first major investment CEFC has committed to the retail sector, for which we are extremely proud. QSCF is commencing work with the CEFC to understand potential pathways to achieving net zero carbon emissions across its portfolio, building on QIC Global Real Estate's recently announced target of generating 30 per cent of all base load power for retail asset common areas from renewable energy by 2025.Michael FattouhFund Manager, QSCF
The CEFC committed up to $200 million in senior debt to QIC Shopping Centre Fund (QSCF) for the upgrade program to demonstrate how energy efficiency and renewable energy could help lead Australia to net zero carbon buildings. The finance was fully repaid in February 2020. The CEFC has subsequently made an $80 million equity investment in the shopping centre fund. The CEFC finance has encouraged QIC Global Real Estate (GRE) to implement upgrades sooner than would have otherwise occurred.
While the energy efficiency targets will be achieved through strategies specific to each building, initiatives may include onsite rooftop solar PV, LED lighting, heating, ventilation and air-conditioning system upgrades, sub-metering and energy data monitoring systems to optimise energy management.
A series of major energy efficiency and clean energy initiatives is being rolled out across the portfolio. Although the shopping centres involved are of different ages and are at different levels of sustainability, QIC GRE is targeting a 4 Star NABERS rating across its portfolio within five years, which will translate to energy savings of between 30 and 40 per cent. Any new major works on the shopping centres is being designed to a NABERS energy rating of five stars, taking advantage of the latest energy efficiency and clean energy technologies to drive better performance.
Shopping centres have substantial energy needs. Their large floor space means requirements for lighting and air-conditioning are considerable.
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