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Mirvac secures A$90M funding for sustainable efforts in community pipeline

Mirvac Group is teaming up with Australia's Clean Energy Finance Corp., or CEFC, to integrate a range of energy efficient features to the Australian developer's three masterplanned residential communities.

The CEFC is committing A$90 million of debt financing for the initiative, which will see the installation of built-in solar and battery storage systems, high-grade insulation, LED lighting and energy efficient appliances in more than 300 homes in the communities.

The development projects are still subject to planning approval, but CEFC noted in a release that construction is expected to start later in 2018, with the first houses ready to be occupied in 2019.

The CEFC said it is targeting to invest A$1 billion into clean energy efforts in Australian cities over a decade as part of its sustainable cities investment program.