Australian government loans Bunnings $100m in bombshell deal
CEFC chief executive Ian Learmonth hoped the funding would create a 'ripple effect' across the commercial sector, where the intake of rooftop solar adoption has lagged behind residential properties, according to The Guardian.
The loan is to be paid back by Wesfarmers over seven years at a competitive interest rate.
The financing is aimed at accelerating the group's decarbonisation plans.
Ampol's $20m Land Bonanza: What's Next?
'As a leading Australian company with these household brand names, we can provide them with competitive finance that's allowing them to meet a business case to deliver roof top solar, battery storage, various energy efficiency initiatives and putting EV chargers in,' Mr Learmonth said.
'There is potential growth in the commercial and industrial sectors. When people see Bunnings and Officeworks doing this, it adds a ripple effect where other large companies can be influenced by seeing what these companies are doing, and seeing their car parks with EV chargers.'
Mr Learmonth said the partnership with Wesfarmers, as both owner and operator, presented a great opportunity.
Bunnings, Officeworks, and WesCEF all have targets to reach net-zero direct emissions by 2030 and to use 100 per cent renewable electricity by the end of 2025.
The news comes as Bunnings introduced electric vehicle chargers in the car parks of selected stores.
The hardware giant was offering customers the convenience of recharging their vehicles while they shop for their home improvement needs.
The retailer has installed chargers at 14 locations across New South Wales, Victoria, and Western Australia, as well as in New Zealand.
Bunnings strategically targeted areas with the highest demand for EV charging.
The company said it was committed to supporting sustainable practices and adapting to the evolving needs of its customers.
Rod Caust, Bunnings Director of Stores, explained the motivation behind the rollout.
'As electric vehicles become more common in Australia and New Zealand, we're installing EV charging stations in some of our store car parks so our customers with EVs can charge up while they shop,' he said.
The initiative is part of Bunnings' broader strategy to meet the changing needs of its customers and support the transition to more sustainable transport options.
The chargers available at Bunnings include a mix of 22kW, 50kW, and the high-speed 120kW models, catering to a variety of EV charging needs.
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