Clean Energy Finance Corp. backs Mirvac’s newly launched fund
Clean Energy Finance Corp. (CEFC) has invested A$50 million ($37 million) in Mirvac’s recently-launched Australian Build-to-Rent Club (ABTRC), which is the CEFC’s first foray into the build-to-rent market.
CEFC commitment marks the funds first close, and represents a 30 percent interest in ABTRC, which launched in July 2018.
The seed asset for the ABTRC will be the Indigo apartment building, which is part of Mirvac’s Pavilions project located in Sydney’s Olympic Park. Indigo has been designed to achieve a minimum of 40 percent less greenhouse gas emissions than a typical apartment building. Other features will include upgraded glazing to improve the building’s thermal performance, LED lighting throughout, energy-efficient appliances, solar PV, and water efficient taps, toilets and showers.
“With almost one-third of Australians now in the long-term residential rental market, it’s critical that developers and owners incorporate innovative, sustainable design measures from the early planning stage. It’s about delivering energy-efficient buildings that have long-term environmental benefits,” said Ian Learmonth, CEFC’s CEO.
CEFC’s investment in the club builds on its relationship with Mirvac. Earlier this year, CEFC committed up to $90 million in debt finance toward three of Mirvac’s proposed master-planned communities in Brisbane and Sydney. New homes at these master-planned communities will have built-in solar-plus-battery systems that are expected to reduce household energy costs by as much as 90 percent.
