New Delhi: CapitaLand will partner with Sembcorp Industries to install about 21,240 rooftop solar farms atop six properties in Singapore to generate over 10,000-megawatt-hours of energy annually. The installation will form the most significant combined rooftop solar facility in Singapore by a real estate company.
The energy generated through solar farms will significantly lower CapitaLand’s carbon footprint. This renewable source will avoid over 4.3 million kg of carbon emissions each year. These latest efforts will also bring the Group closer to its new sustainability targets to generate at least 20% energy consumption from renewable energy for its enlarged global portfolio by 2025.
“CapitaLand is committed to sustainably growing our business, and this initiative is an example that sustainability can create value-add propositions. We are also exploring the use of Renewable Energy Certificates resulting from the excess energy generated by the solar panels installed at the six properties to offset the carbon emissions from CapitaLand’s corporate operations at its Singapore headquarters in Capital Tower and Galaxis. We will further review opportunities within our enlarged global portfolio to deploy clean energy technologies to power our real estate operations,”, said Lynette Leong, Chief Sustainability Officer for CapitaLand Group.
In India, rooftop solar panels have also been installed across 17 buildings in International Tech Park in Bangalore, International Tech Park Chennai and Cybervale IT Park in Chennai. Collectively, the panels can generate over 2,750 megawatts hours of energy annually and has resulted in an estimated reduction of close to 1.95 million kg in carbon emissions annually.
In another move towards sustainability efforts with its cost of funding, the Group has signed new sustainability-linked loans with Credit Agricole Corporate & Investment Bank, Natixis Bank, and Societe Generale to raise a total of S$300 million. CapitaLand has the flexibility to use the sustainability-linked loans on green projects such as the installation of solar panels, as well as for general corporate purposes. It is also the first real estate partner in Asia for Credit Agricole Corporate & Investment Bank and Natixis for a sustainability-linked loan.
CapitaLand will make further efforts to reduce the intensities of the Group’s energy usage, water consumption, and carbon emission, and aims to have its carbon emission targets approved by the Science-Based Targets Initiative.