Australia's Energy Bay Signs 70MW Solar and 300MWh Energy Storage Agreement

en.Wedoany.com Reported - On October 1, Australian distributed energy infrastructure company Energy Bay signed a renewable energy deployment agreement with real estate fund management company Centuria Capital Group, planning to build approximately 70MW of solar facilities and a 300MWh battery energy storage system across Centuria's office, industrial, retail, and healthcare properties, covering up to 240 properties. Energy Bay plans to invest approximately AUD 430 million over seven years to complete the related infrastructure construction.

Under the agreement, Energy Bay will lease rooftop space at participating projects, bear the capital expenditure for solar, battery, and related infrastructure upgrades itself, and operate embedded networks within Centuria's properties for a term of 30 years. Centuria and its tenants will not need to invest capital in the related construction, and participating tenants may choose to purchase electricity supplied by on-site photovoltaic and energy storage facilities.

The project will commence in October 2026 and proceed in phases, prioritizing properties that already have relevant energy infrastructure in place. Currently, approximately 18% of the proposed assets to be included already have embedded networks and are expected to transition to Energy Bay's operating system at an earlier stage; rental income from the first batch of properties is expected to begin materializing in the first half of fiscal year 2027. The remaining properties still require tenant consent, planning approval, and detailed due diligence before implementation.

Based on the scale disclosed by both parties, once the project is fully implemented, the related facilities are expected to generate approximately 85,000 MWh of electricity annually. Centuria also plans to use the large-scale generation certificates produced from on-site renewable electricity to support its industrial and office real estate trusts and the group's own Scope 2 emissions targets.