Eris Property Group and the Momentum Direct Property Fund plans more solar plants for retail centres
Eris Property Group and the Momentum Direct Property Fund plans more solar plants to power its retail centres.
Eris Property Group through the direct property portfolio, Momentum Direct Property Fund have invested a significant number of resources to reach our emission reduction targets and identified various initiatives in reducing its carbon footprint.
These include various ways to maximise our business operations with more environmentally responsible practices. Eris reviewed its operations through a sustainability lens - including waste management, water conservation, LED lighting systems and investments into smart technologies.
"In an effort to do our part in reducing South Africa's carbon emissions, considering the country's 73% daylight hours, and utilising the vast roof spaces of shopping centres, the Eris Property Group retail assets that falls within the Momentum Direct Property Fund were identified as ideal solar installation sites," says Sudesh Moodley, Executive Head of Asset Management at Eris Property Group.
"In 2020, we embarked on a solar-partnership-journey with Terra Firma Solutions, a Cape Town-based company with global interests. Their innovation and integrated technology solutions are designed to optimise energy generation and distribution," ads Barend De Loor, CEO of Eris Property Group.
"Through the joining of hands and investment from the Momentum Direct Property Fund, we have completed 7 solar plant installation projects, at 7 of our retail properties. It means that we are already reducing 6,732 tons of CO2 emissions, which is the average annual emissions of 969 individuals. Currently more than 7,000 MWh is being generated, which is equivalent to providing clean energy to 645 households." Says Sudesh
Eris' latest solar plant of 700 KWh was recently completed at the Taung Mall in the Taung CBD, North West Province, with a further 7 plants scheduled to be completed by 2023.
The Momentum Direct Property Fund is an ESG focused property fund, our goal by 2030 is to:
- roll out solar installation projects at the remaining 7 sites, thus covering all 14 retail properties;
- reduce a total of 16,800 tons of CO2 emissions;
- generate 17,710 MWh, per year;
- provide a total of 2,548 households with clean energy.
"Eris Property Group values the commitment of Momentum Investments to embrace the vision of a net zero target by 2050. We plan on achieving this via a combination of renewable energy and smart technology. Changes in the country's legislation allowing "wheeling" of renewable energy into the national grid will assist us in making this target a reality. "Concludes Barend.
