The Clean Energy Finance Corporation will lend $90 million to Mirvac for rooftop solar panels and battery storage at three new house and land estates across Sydney and Brisbane.
Mirvac is working with the CEFC to embed a range of clean energy initiatives that will see the communities of more than 300 family homes each equipped with built-in solar and battery storage systems, as well as high-grade insulation, LED lighting and energy efficient appliances.
The rooftop solar systems will provide new home buyers with a built- in solution to meet up to 90 per cent of their household’s energy consumption.
Related reading: CEFC Triples Investment in Australia's Clean Energy
It’s not the first time the government clean energy fund has pumped capital into residential housing, last year it injected a $100 million investment into the AMP Capital Wholesale Office Property Fund.
The CEFC also financed $130 million for affordable energy-efficient homes in Sydney’s outer suburbs after sealing a deal with community housing group St George Community Housing.
Mirvac set itself a bold target to limit their residents’ bills by being net positive in energy and water by 2030, according to Sarah Clarke, Mirvac group general manager of sustainability and reputation.
Related reading: 5 Minutes with Mirvac CEO Susan Lloyd-Hurwitz
Chris Wade, CEFC property sector lead, says it’s the green bank’s goal to see these built-in sustainability measures become the “new normal” for Australian homes as part of broader efforts to encourage net zero carbon buildings.
Construction is expected to commence in late 2018 with the first homes ready by late 2019.