GEM Energy’s large-scale commercial solar installation for Industria REIT reaches 75% completion mark
GEM Energy are currently close to completed on a commercial solar installation across 6 properties at Brisbane Technology Park, owned by ASX listed Australian real estate investment trust, Industria REIT. The innovative 1.0 MW commercial solar installation is scheduled to be completed in early 2018 and will generate around 41% of the sites’ electricity consumption, creating stability for tenants and robust returns for shareholders.
For Industria REIT, the $1.6M capital investment at their Eight Mile Plains site makes perfect sense for a variety of reasons. For starters, the expected financial yield of 15% is double that of the usual yield they gain from buying property.
Then there is the issue of rising energy costs plaguing most Australian states, with Queensland having experienced price hikes of 136% over the last 10 years. Industria REIT will be able to provide valuable stability for their Brisbane Technology Park tenants by keeping electricity rates consistent with FY 2017 prices.
The property trust is also focused on corporate responsibility and increasing their sustainability track record. The commercial solar installation across the 6 rooftops is projected to generate over 40% of the sites’ electricity needs, spelling a sizable reduction of the organisation’s carbon footprint.
Lastly, Industria REIT is keen to future-proof their assets. All of GEM Energy’s solar systems can be expanded, and Industria REIT already have plans to do so by adding more solar panels as well as battery storage after the project becomes fully financially viable over the next one to two years.
With the installation schedule on track and the first 3 of 6 commercial solar installations at Brisbane Technology Park now completed, GEM Energy’s engineers are monitoring and finetuning the systems to ensure they are working at optimal capacity. The project is one of the largest business park installations in Australia and will be completed in early 2018.
GEM Energy’s National Sales Manager, Aaron Hilton commented,
“We’re really pleased with how this project is progressing to date, and so is the team over at Industria REIT. Given their existing embedded network, installing one of our systems was an absolute no-brainer. We can’t wait to see the results on this project.”
Commercial solar installations have seen significant growth over the last couple of years, including in regional Australia where electricity costs can be even higher than in metropolitan areas. Councils, schools, community organisations and businesses such as Industria REIT are turning to renewables to save money on bills, increase financial stability and become more sustainable.