A Canberra office block will be turned into an energy efficient retirement village with the help of a $60 million investment from the government's green bank.
An abandoned Canberra office block is being transformed into an energy-efficient seniors village with a groundbreaking $60 million loan from the federal government's green bank.
It's the Clean Energy Finance Corporation's first investment in the aged care sector, building on its vast portfolio of student, community and build-to-rent housing.
The seniors village in Canberra's south will house up to 450 people, powered by more than 700kW from solar panels.
The development will also include improved insulation and energy-efficient lighting, heating and cooling.
It is expected to produce less than half the greenhouse gas emissions of existing buildings.
Ian Learmonth, from the CEFC, says the project shows how emissions can be reduced across all sectors of the economy.
"It's also exciting to see the property sector recycling buildings, giving large-scale assets such as commercial office buildings a second life in an environmentally-friendly manner," he said.
The emissions savings for the village are expected to reach almost 30,000 tonnes.