21st October 2024 – Brookfield Properties has announced a significant step in its sustainability journey by securing renewable energy from its own Bikaner Solar Power Project, marking the first partnership in India under the Inter State Transmission System (ISTS) bilateral arrangement. This initiative provides 40% of the energy for Brookfield’s Delhi NCR office portfolio, which spans 15.4 million square feet.
The transition to renewable energy at four key campuses—Candor TechSpace in Sector 48 and 21 in Gurugram, and Sector 62 and 135 in Noida—aims to cut carbon emissions by over 20,000 metric tons annually, equivalent to removing about 4,300 cars from the roads each year.
This collaboration not only supports Brookfield Properties’ sustainability objectives but also offers tenants a cost-effective energy solution without the need for additional contracting or capital expenditures. The renewable power is delivered directly to the properties, ensuring compliance with sustainability commitments.
Brookfield’s Bikaner Solar Power Project, which boasts a capacity of 550 MWp, is one of India’s largest ISTS-connected renewable energy parks. Its power output is designed to meet the energy needs of the commercial and industrial sector. The project was financed by the Brookfield Global Transition Fund (BGTF I), which focuses on investments aimed at facilitating the global transition to a net-zero carbon economy.
Ananya Tripathi, Managing Director of Real Estate in India at Brookfield, emphasized the importance of addressing environmental issues and creating positive outcomes for stakeholders. “This collaboration brings us closer to our goal of using 100% renewable power across Brookfield Properties by 2027,” she stated.
Murzash Manekshana, Managing Director and Head of Asset Management in India for Renewable Power & Transition, noted that companies are increasingly turning to renewables for cost savings, reduced carbon footprints, and improved energy security. He highlighted Brookfield’s commitment to offering tailored solutions to help Indian corporates meet their sustainability objectives.
Recognized as an EDGE Champion by the International Finance Corporation (IFC) for its commitment to green building practices, Brookfield Properties aims to achieve 100% renewable energy across its 55 million square feet of portfolio in India by 2027. With over 450 leading tenants, the company is dedicated to supporting their sustainability goals and advancing shared objectives through innovative energy solutions.
This strategic partnership not only enhances the value offered to tenants but also reinforces Brookfield Properties’ leadership in sustainable development, setting benchmarks for responsible development in India.
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