Phoenix Mills to generate 5 MW of solar power in collaboration with Renew Power

27 Jan 2022 , 10:49 AM

The Phoenix Mills Limited (PML) through its subsidiaries Vamona Developers Pvt. Ltd. & Offbeat Developers Pvt. Ltd has collaborated with ReNew Power in ushering in an age of solar power by installing solar power plants for the supply of power to Phoenix Marketcity Pune and Phoenix Marketcity Mumbai respectively.

The installation will result in the annual generation of approximately 5 MW or 11 million units of electricity across the two malls and will help in the reduction of 7,800 MT of Co2 which is equivalent to Co2 emissions from ~ 18,000 barrels of oil consumed.

The contract with Renew Power will be for a period of 25 years and is expected to begin from March 2022. The solar plant installation will generate 1.8 MW or approximately 4 million units annually for Phoenix Marketcity Mumbai and will help meet approx. 25% of energy requirements for providing common area services and air conditioning at Phoenix Marketcity, Mumbai.

At Phoenix Marketcity Pune, the solar plant installation will generate 3.2 MW or approximately 7 million units annually and help meet approx. 50-55% of energy requirements for providing common area services and air conditioning at Phoenix Marketcity, Pune.

The above installations are the latest in PML’s sustained focus on energy efficiency across its various iconic properties. At Phoenix Marketcity Bangalore during FY21, ~94% of power requirement was from green energy. Similarly, ~85% of power requirement of Phoenix Marketcity Chennai & Palladium was from green energy during the same period.

At around 10.46 am, Phoenix Mills Ltd was trading at Rs927.35 per share down by Rs20.3 or 2.14% from its previous closing of Rs947.65 per share on the BSE.

Shishir Shrivastava, Managing Director at The Phoenix Mills Limited, said: “We are proud to expand on our association with ReNew Power, who have an established history and vast experience in the establishment of solar power projects. At PML, sustainability has always been at the forefront of how we operate. The new solar power initiative is another step in our efforts to drive efficient use of energy across both malls. We take pride in doing our part for the environment and continue to look for eco-friendly building practices.”

Prabhat Mishra, Head & Senior Vice President of B2B Business at ReNew Power, said: “As one of the leading renewable energy companies globally, we feel, it’s our prime duty to continuously support and encourage corporates adopt green energy solutions. We are very happy to partner with and congratulate PML as they have paved ways for other such responsible corporates to also embark on their journey of clean and green world”