Mindspace Business Parks REIT becomes India's first REIT to join Climate Group’s RE100, commits for 100% renewable electricity use by 2050

The REIT has set phase-wise targets for the transformation. It will source 35% of total energy requirement from renewable sources by 2025, 50% by 2030, and 100% by 2050.

Jun 25, 2021 01:06 IST India Infoline News Service

Mindspace Business Parks REIT has joined the global RE100 initiative led by Climate Group in partnership with CDP. RE100 brings together the world's most influential businesses, driving the transition to 100% renewable electricity.

With this, it has committed to transform to 100% renewable electricity use across all areas serviced and maintained within the Mindspace Business Parks REIT portfolio, by the year 2050.

Mindspace REIT will also make renewable energy accessible to tenants who choose to avail of the green power. The announcement further strengthens the entity’s commitment towards mitigating environmental impact across project lifecycles, in sync with the mission of RE100, which is to accelerate change towards zero-carbon grids at scale.

Vinod Rohira, CEO, Mindspace Business Parks REIT, said “Our initiatives align with RE100 and are an effort to build a sustainable ecosystem for tenants, through the deployment of energy-efficient systems and renewable energy generation and sourcing. Our commitment also enables us to encourage our tenants to see the benefits of renewable energy and make the switch for their respective businesses. Committing to the RE100 vision of fully transitioning to renewable energy is our next step towards building a sustainable ecosystem and minimizing environmental impact.”

This makes Mindspace the first Indian real estate entity to pledge to RE100. The REIT has set phase-wise targets for the transformation. It will source 35% of total energy requirement from renewable sources by 2025, 50% by 2030, and 100% by 2050.

Mindspace currently sources approximately 10% energy through renewable sources like solar energy and renewable energy certificates (RECs). With this move, it endeavours to fortify its commitment to sustainability, by sourcing power through green energy tariffs and solar energy.

Furthermore, this also allows Mindspace REIT the opportunity to encourage a large global tenant base working out of the Business Parks, to make the switch to clean energy. Mindspace REIT’s Business Parks are designed to meet the evolving needs of ‘new-age businesses’ and appeal to the millennials. With high-quality infrastructure and amenitized campuses, Mindspace REIT has emerged as a ‘partner of choice’ for both domestic and foreign multinationals.

Notably, two of the Business Parks in the REIT are already equipped with solar panels to generate clean energy. The entity has a current installed capacity of approximately 1.8 MW of rooftop solar PV and is working towards transitioning to source 100 GWh power generated, by renewable energy sources annually.

At around 1.33 pm, Mindspace was trading at Rs286.40 per piece down by 0.3% on Sensex. 

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