Port of Melbourne to Secure 60% of Energy Needs from Renewable Sources via Newly Signed PPA

Port of Melbourne has signed a renewable Power Purchase Agreement (PPA) with Iberdrola Australia. The agreement commenced on 1 July 2024, enabling Port of Melbourne to obtain more than 60 per cent of its electricity needs from renewable sources, such as Victorian-generated solar and wind. The PPA will run until the end of June 2031.

This agreement contributes to the Port’s target of achieving net-zero emission for Scope 1 and 2 port operations by 2030, in support of the Victorian Government’s commitment to net-zero by 2050.

“With more than half our electricity soon to be sourced from renewable sources, we are continuing work to transition the remaining 40 per cent,” said CEO Saul Cannon.

Through short-term Green Power agreements, Port of Melbourne is looking to increase its usage of renewable energy, dedicating to source 100 per cent of its business operations’ electricity needs from renewables by June 2029.

“We are also transitioning our corporate vehicle fleet and marine survey vessel to electric or zero-emissions fuel technologies,” Mr Cannon added.

The PPA signing follows a series of sustainability milestones attained by the Port, including the completion of a $475-million sustainability linked loan. Port of Melbourne has also been ranked first among Australian and international ports in the 2023 Global Real Estate Sustainability Benchmark (GRESB) Infrastructure Asset Assessment.

For more information contact:
Nicole Ng
Mobile: 0427 700 844
Email: nicole.ng@portofmelbourne.com