NRF helps ESR Australia team up with Solar Bay in landmark $500m partnership

The partnership is set to birth renewable energy solutions for ESR Australia customers

NRF helps ESR Australia team up with Solar Bay in landmark $500m partnership

Norton Rose Fulbright (NRF) has helped ESR Australia to team up with Solar Bay on a landmark $500m renewable energy partnership.

According to the firm, this is a “Australian-first” partnership that will speed up the rollout of renewable energy infrastructure across ESR-managed assets throughout the country. The partnership is forecast to deploy “up to $500m over the next decade to provide renewable energy solutions for ESR Australia's customers, via the installation of up to 50 megawatts (MW) of solar capacity, 300MWh of battery storage and electric vehicle (EV) charging infrastructure.”

“The renewable energy partnership with Solar Bay will expand ESR’s sustainability footprint while future-proofing its assets to ensure the continued viability of its operations and those of its customers,” commented NRF partners Ben Smits and Michael French.

According to ESR and Solar Bay, the installation is intended to cut 56,000 tonnes of carbon dioxide emissions annually from ESR customers’ operations. The installation could also halve their energy bills.  

“Through the provision of clean energy, we are seeking to alleviate pressure on our customers from growing energy costs, while mitigating the environmental impact of the increasing electrification of operations,” stated Phil Pearce, CEO of ESR Australia, in a statement published by Business News Australia. “ESR Australia will draw on Solar Bay's expertise in technologies such as embedded networks, rooftop solar, electric vehicle charging, battery storage, and broader renewable energy solutions to deliver infrastructure that addresses our customers' energy needs today and into the future.”

Corporate partner Smits, real estate partner French, and projects partner Kate Muller led the NRF team working on the transaction. The team included special counsels Kathy Prince (real estate) and Stephen Lee (financial services) as well as senior associate Igor Kungurov (corporate M&A).

In 2021, NRF also represented ESR Australia in its $3.8bn acquisition of the Milestone portfolio of industrial and logistics assets from Blackstone.

 

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