Councils we partner with
The unique benefits of EUF are due to the involvement of the Council this means:
- no mortgage is required as the charge is registered on the land; and
- repayment of the loan is defined as an outgoing for tenants due to the repayments being Council charges.
The Council, Eureka EUF and the building owner document this under an Environmental Upgrade Agreement (EUA). EUF is seen by Councils to be an efficient way to incentivise building owners to bring forward environmental works.
EUAs are part of the City’s Sustainable Sydney 2030 commitment to reduce carbon emissions across the local government area by 70 per cent by 2030. Already the City has signed EUAs worth over $30 million with building owners via Eureka EUF, including an EUA with Frasers Property to finance the tri-generation plant at the iconic Central Park. The City has dedicated staff to help building owners access EUF.
Parramatta City Council have actively participated in the EUF scheme signing the first EUA in NSW being the government tenanted 10 Valentine Avenue, Parramatta. With the vast rejuvenation occurring in Parramatta future EUAs are likely in this Council.
The City of Newcastle, North Sydney Council and Lake Macquarie City Council all offer EUAs.
We look forward to signing EUAs in these Councils in the future.
All Councils in NSW are able to opt into the EUA program. For further information about how to join the program contact the Office of Environment and Heritage.
Eureka EUF’s partners
Eureka sources its capital from NAB, ANZ and the Clean Energy Finance Corporation (CEFC) so that it is able to provide finance to building owners. Our partners work with Eureka EUF to encourage building owners to make positive changes to their buildings resulting in both energy and financial savings.
NAB and CEFC have provided a total of up to $80 million to Eureka EUF so that it can offer EUF for environmental retrofits to building owners to improve the energy performance of commercial buildings. These partners have been integral in the creation of the product and its current and future success.
The CEFC provides financing options to help organisations in all sectors take advantage of the energy productivity gains and cost reductions available through implementing more energy efficient technologies.
The CEFC provides capital and finance to Eureka EUF for financing upgrades of commercial properties to help improve their energy or water efficiency, reduce waste and reduce greenhouse gas emissions.
ANZ and CEFC provided Eureka EUF with the funding to finance the Frasers Property tri-generation plant at Central Park. This funding has been fully utilised.
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