Infrastructure NSW (INSW), a government agency in Australia's New South Wales state, has finalized a deal to acquire Renewable Energy Certificates (also known as green products) from new solar parks, aiming to reduce the carbon footprint of Sydney's Barangaroo area.
The green product purchase agreement, announced by INSW on Thursday, paves the way for the development of over four photovoltaic (PV) farms by local renewables developer and operator CleanPeak Energy. The AUD 48 million (USD 31.6 million / EUR 29.3 million) deal, featuring a fixed price, is set to be in effect for 25 years, starting from 2025.
Barangaroo holds the distinction of being Australia's first certified carbon-neutral precinct under the Climate Active initiative. The renewable energy certificates obtained through this contract will play a crucial role in offsetting the Scope 2 carbon dioxide (CO2) emissions stemming from grid-supplied electricity usage, aligning with Barangaroo's objective of achieving a climate-positive status.
INSW outlined that the payment for the green products will be funded through levies collected from building owners in the Barangaroo precinct.
This strategic move reflects a commitment to sustainable development practices, contributing to the broader efforts in Australia to transition toward cleaner and more environmentally friendly energy sources.
