EG Funds Management pioneers clean energy matching in Sydney

EG Funds Management (EG) has implemented clean energy matching to five of its properties in Sydney. This initiative utilises energy generated from regional solar farms, matched to the consumption at EG's commercial assets in Sydney's Central Business District (CBD). This move helps the company advance towards its target of Real Zero Carbon by reducing emissions across all assets.

The adoption of this clean energy matching marks the first use of a Matched Energy Supply Agreement (MESA). MESA offers a simplified alternative to the traditionally more complex Power Purchase Agreements (PPAs). This innovation could streamline the process of using clean energy, making it more accessible to enterprises of all sizes.

Enosi, an Australian energy technology company, played a significant role in this initiative by deploying its Powertracer technology. This technology facilitated the real-time matching of energy consumption at EG's buildings with renewable energy generated at solar farms. Next Business Energy, an electricity retailer, and Photon Energy, a clean energy generator, were also significant contributors to this initiative.

From January 2024, energy from two solar farms in regional New South Wales has been matched every 30 minutes with the consumption loads from two buildings on Carrington Street, Sydney, and Walker Street, North Sydney. More assets are expected to follow. This implementation paves the way for future MESA agreements, allowing excess solar power generated on-site to be matched with other EG-managed assets.

Roger Parker, Managing Director of EG, commented on the development, "EG made a pledge to commit to Real Zero Carbon by 2030." He highlighted that matching energy loads to solar and wind generation at a lower cost than standard electricity pricing is a significant step towards achieving 24/7 Carbon-Free Energy. Parker also mentioned the importance of this initiative in supporting returns for investors and improving Environmental, Social, and Governance (ESG) outcomes.

Grant McDowell, co-founder and Head of Strategy and Product at Enosi, emphasised the simplicity and effectiveness of the MESA. He said, "The MESA is a powerful and elegant solution to enabling access to solar and wind farm energy for all. We always knew that a big challenge to overcome was the entrenched complexities in the electricity sector, and the MESA product, enabled by Powertracer, offers simple lower-cost energy procurement in the commercial real estate space and far beyond."

David Hayes, CEO of Next Business Energy, expressed his enthusiasm for the project, stating, "We believe that long-term delivery of renewable, clean energy is the future of energy supply in Australia, and are proud to be part of this significant innovation." Hayes noted that partnerships like the MESA will help the company demonstrate a commitment to renewable energy while providing market-leading service and competitive pricing.

Joshua Harvey, General Manager of the New Energy Division at Photon Energy Group, also reflected on the company's objectives, saying, "Our mission is to make renewable energy more accessible." He added that the MESA fits well with Photon Energy's goals and helps them innovate for their customers.

The introduction of the MESA is an advancement in access to and procurement of clean energy. By simplifying the contractual processes involved, it offers significant potential benefits for consumers, solar and wind farm asset owners, and electricity retailers alike.