Norwest Quarter backed with $80 million green loan from Clean Energy Finance Corporation
Norwest Quarter, Mulpha’s ambitious new sustainable residential development, is being supported by an $80 million green loan from the Clean Energy Finance Corporation (CEFC) to cut energy costs by as much as 50 per cent, demonstrating how energy efficient homes can contribute to our net zero emissions future.
Located in Sydney’s Hills district and developed by Mulpha Australia, Stage 1 of Norwest Quarter will deliver 196 net zero-ready apartments that will consume 50 per cent less electricity from the grid and will be powered by 100 per cent renewable energy with an all-electric and gas-free design.
The CEFC's position is being matched by an $80 million green loan from ANZ. The sustainable apartments will have an average 7-star NatHERS rating, provide residents with significant water savings and make it possible to reduce waste to landfill by more than 50 per cent.
CEFC CEO Ian Learmonth said that the project showcases how low emission buildings and further development of the circular economy can be achieved with existing technology.
“Renewables are one of the lowest cost forms of energy and are a great place to cut energy costs and reduce our carbon output," Learmonth said.
"Sustainable high density residential buildings have a leading role to play in the future of our cities and are particularly relevant to growing areas like north- western Sydney.
"Norwest Quarter is an ambitious development that has innovated by taking a holistic approach to optimise sustainability at every level of the building process. We need to lock in this approach to all new and existing buildings as we target net zero emissions."
Learmonth said as one of Australia’s first masterplanned urban precincts to incorporate sustainable aspects from the design stage, Norwest Quarter residents will be able to reap the benefits of the buildings and reduce their carbon footprints into the future.
"We all want to cut our energy costs, whether in businesses or at home.
"By reducing the energy used by our homes, appliances and vehicles and switching to renewables we can make a sustainable change to how energy is used across the towns and cities of Australia.”
Featuring two main towers designed by award winning Australian Architectural firms Smart Design Studio and Bates Smart, apartments within Norwest Quarter will be finished to a premium quality and significant sustainability standard and include energy efficient appliances, LED lighting, induction cooktops, efficient plumbing fixtures and heat pump hot water systems. These inclusions will reduce residents grid reliance, minimise their carbon footprints and make it possible to reduce household bills by more than 25 per cent a year. 1
Norwest Quarter forms part of Mulpha’s broader Norwest precinct and will include landscaped open space at ground level to aid in urban heat reduction and more than 3,000 square metres of retail space. Support for electric vehicle charging infrastructure, solar rooftops and the use of low emission building materials will also be included, alongside features that support the circular economy such as recycled water for toilets and onsite organic waste treatment.
The development is estimated to abate potential of 1,507tCO 2 -e in the buildings’ first year of operations and 30,132tCO 2 -e over their projected lifetime.
Greg Shaw, Mulpha Australia CEO said Mulpha Australia is very pleased to have structured the facility with the CEFC and ANZ to have met internationally recognised Green Loan Principles.
"Being able to partner with these financial groups in the delivery of one of Australia’s first ever, zero emission urban precincts is an exciting achievement," Shaw said.
“Norwest Quarter in The Hills Shire of Sydney will be one of Australia’s first urban precinct developments to fully incorporate sustainable design principles from conception through to its construction and long-term performance, resulting in zero carbon living at 25 percent less cost for residents.
"As a major property developer, investor and manager we are committed to sustainable finance and design principles because this is not just good for the environment, it’s good for all our stakeholders being the communities in which we operate, our investors and business partners.”
The residential sector contributes 12 per cent to Australia’s total carbon footprint 2 and represents $70 billion in expenditure annually, including 208,000 new home starts in 2021-22. Residential buildings are responsible for around 24 per cent of Australia’s overall electricity use and therefore the sector represents a real opportunity to significantly cut emissions.