A landlord with up to 240 offices, warehouses and clinics handed its roofs to an energy company - about 70 MW of solar and 300 MWh of batteries, with no capex for tenants
Energy Bay signed a deal with Centuria Capital Group to lease roof space and run embedded networks across up to 240 office, industrial, retail and healthcare properties for 30 years. Energy Bay says it will spend about $430 million of its own money over seven years on roughly 70 MW of solar and 300 MWh of batteries. Centuria and its tenants put in no capital. Tenants choose whether to buy the power.
The roof is the asset. Whoever controls it can set a tenant's power price for a long time. This deal puts a 30-year number on that.
Energy Bay said on 2 October 2026 that it has signed what it calls Australia's largest renewable energy deal among domestic commercial property landlords, with fund manager Centuria Capital Group. Energy Bay will lease roof space and operate embedded networks across Centuria's properties for 30 years. The plan: about 70 MW of new rooftop solar and about 300 MWh of batteries on up to 240 office, industrial, retail and healthcare sites, rolled out in stages over seven years from this month. Energy Bay says it will invest about $430 million of its own capital. Centuria and its tenants put in none.
Workplace meaning first. An embedded network is a private electricity network inside a property, sitting behind the main grid meter. The operator buys or makes the power and on-sells it to the tenants inside. If you rent a warehouse, an office floor or a clinic in a Centuria building, this may arrive as an offer to buy electricity from the panels and batteries above your head, through Energy Bay, instead of from a retailer. The release says tenants "who elect to participate" are expected to get lower-cost electricity. It is a choice, not a switch flipped for you.
Simple arithmetic on the published sizes: 300 MWh of storage against 70 MW of solar is a bit over four hours of the arrays' full output held back for later. That is the part that matters for a tenant running freezers, lights or night shifts after the sun drops.
Analogy: the landlord leases a food-court kiosk to one café operator for 30 years. Tenants can buy their coffee there or walk down the street. The landlord collects rent either way. The café sets the price.
The landlord side is spelled out plainly. Centuria gets lease income from the roofs, which lifts the net operating income of each participating property, can support valuations, and earns Centuria management fees. Centuria joint CEO Jason Huljich framed it as sustainability that also delivers commercial outcomes.
Timing and the fine print. About 18% of the identified properties already have embedded network infrastructure and are expected to move into the program first, with rent from those expected in the first half of FY27. The rest depend on tenant consents, planning approvals and detailed due diligence. The 70 MW and 300 MWh figures assume works are completed on about 78% of the suitable properties identified. Energy Bay expects about 85,000 MWh of solar a year across the portfolio, creating Large-scale Generation Certificates that Centuria plans to retire toward zero Scope 2 targets for its industrial and office REITs by 2028.
We will not invent a cents-per-kilowatt-hour discount for a tenant in a Centuria shed. Neither page publishes one.
Good: Named landlord, named operator, named sizes, a named spend ($430 million) and a named term (30 years). No upfront cost to tenants. Batteries are in the plan from day one, not a later add-on.
Bad: No tenant price published. "Lower-cost" is the operator's claim, not a tariff card. Most of the 240 sites still sit behind consents, planning and due diligence.
Ugly: Thirty years is longer than most leases and most retail contracts. Any tenant weighing the offer will want the price formula, the review terms and the exit path in writing before signing up to the roof.
Source: Energy Bay, 2 Oct 2026 - Australia's largest landlord energy deal struck between Centuria & Energy Bay. Also David Carroll, pv magazine Australia, 5 Oct 2026 - Energy Bay strikes deal for 70 MW rooftop solar, 300 MWh battery rollout. Sizes, spend, term, 18% / 78% footnotes, 85,000 MWh and LGC plans as published. The four-hour figure is our arithmetic on those sizes. No tenant tariff on these pages.