Thousands of residential apartments in the Central Park development will be supplied with clean energy under an innovative new green finance agreement signed with the City of Sydney.
This will be our first trigeneration precinct in Sydney, providing heating, cooling and power for commercial, residential & retail on the former Carlton & United Breweries (CUB) site, with potential to expand to nearby buildings such as the Clare Hotel and UTS.
The City of Sydney, Eureka Funds Management and Frasers Property signed the historic $26.5 million environmental upgrade agreement this week. It's good to see Sydney business take advantage of the smart, cheap financing now available to pay for new technologies that can dramatically reduce carbon emissions.
This is the first environmental upgrade agreement the City has signed, but hopefully we will soon be part of many more of these voluntary agreements, delivering great results for business and for the community.
Trigeneration plants are a cleaner way of supplying power, and heating and cooling buildings, than grid electricity.
They burn natural gas in an engine connected to a generator to create electricity, and then use the waste heat for hot water, and heating and cooling buildings. They are more than twice as energy-efficient as coal-fired power stations, and gas is a much cleaner fuel than coal.
In time, renewable sources of gas such as bio-gas (derived from agricultural waste) will be used, further reducing greenhouse emissions.
Funding for the project was sourced through the first environmental upgrade agreement negotiated by the City Of Sydney. Legislation to make it easier for councils and building owners to negotiate finance for greening buildings was passed by the NSW Government in 2011.
The EUAs are part of the City's commitment to reduce carbon emissions across the local government area by 70 per cent by 2030, based on 2006 levels - one of the most ambitious targets of any Australian government.
It is anticipated that construction of the trigeneration plant will be completed and in operation by January 2014.