LIBERTY TWO DEGREES CONTINUES TO DRIVE SOLAR CAPACITY ACROSS ASSET PORTFOLIO
To achieve the REIT ’ s Net Zero Energy scope 1 and 2 target by 2030 , the company continues to make substantial strides in not only implementing portfoliowide energy-management improvements , but by increasing solar capacity , through the installation of additional solar photovoltaic ( PV ) panels . These initiatives will ensure that around 25 % of L2D ’ s total consumption will be from renewable sources by 2025 .
L2D ’ s Development team enabled the commissioning of a 1MW [ AC ] solar project at Promenade Mall in June 2022 , which will see the centre ’ s carbon footprint offset by 1,934 tons of Carbon Dioxide ( CO ²) each year , equivalent to 340 passenger vehicles taken off the road . This solar installation can generate 5,097 kilowatt-hours of energy ( kwh ) per day , which is equivalent to powering 142 houses per day and 1,860,483 kwh per year . This will add to the 1MW [ AC ] solar installations in the portfolio at Midlands Mall and Eastgate Shopping Centre .
Further to this , an additional 4MW [ AC ] and 4.3MW [ AC ] of solar power projects are currently underway at Midlands Mall and Eastgate Shopping Centre respectively which is predicted to save 7,405 and 9,076 tons of CO2 emissions each year respectively - the equivalent of 1,609 and 1,973 passenger vehicles being taken off the road .
L2D is also rolling out solar energy at Sandton City with a 1 MW [ AC ] installation planned , and Nelson Mandela Square , a 0,3 MW [ AC ] in the pipeline . L2D is also actively pursuing wheeling opportunities into the Sandton City precinct .
“ Midlands Mall and Eastgate were identified to receive additional solar capacity as part of our sustainability roadmap ,” says Asset Management Executive at Liberty 2 Degrees , Brian Unsted . “ Solar is a reliable , clean source of energy and a critical component to our Net Zero carbon 2030 strategy as well as our Good Spaces strategy .”
L2D ’ s shopping malls are ecosystems that provide trading and experiential environments for some of the world ’ s most iconic brands as well as brands in high demand and the focus on Good Spaces not only focuses on the importance of partnering with stakeholders to accelerate its positive impact on the natural environment but being bold in driving net zero commitments across the business operations and sites .
“ While the installation of solar power will not completely remove these two retail assets off the Eskom grid completely , it will reduce the reliance on Eskom ’ s coalgenerated electricity supply by a projected 36 % for Midlands and 32 % for Eastgate , simultaneously reducing exposure to above-inflationary increasing electricity tariffs ,” adds Unsted . “ Once the solar systems have been installed , operational costs will also be much lower compared to other forms of power generation .”
The Midlands Mall project is projected to be completed in July 2023 while Eastgate will be commissioned in phases and is expected to be completed in November 2024 . Enablement work has already started here with official start in November 2023 but has a much longer duration due to the construction of steel subframes that will house the PV panels .
“ There is no longer a choice between going green and growing long term profits . Companies that properly integrate ESG criteria into the fabric of their business processes and practices as well as pursue operational excellence and innovation in an increasingly difficult operating environment , will see a positive impact . We are in step with global trends when it comes our environmental strategy and these projects are just another way in which we continue to drive the realisation of our vision and purpose of purpose of creating experiential spaces to benefit generations ,” concludes Unsted .
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