Equites Property Fund has started wheeling renewable energy, generated by solar PV, onto Cape Town’s grid from its new 17 653m2 A-grade distribution centre, located in Parow.
The initiative falls under the City of Cape Town’s pilot wheeling project with the REIT among the first to begin with wheeling energy onto the municipal grid through its commercial office block on the Foreshore.
Equites’ head office will now receive almost 100% of its daytime energy requirements from a renewable source, facilitating the supply of green energy to other tenants.
““We are committed as a business to implementing climate risk mitigation initiatives and to being a sustainable organisation. With that, we identified an opportunity to become part of the transformation of the energy landscape—and we’re pleased to see that come to fruition through this renewable energy project,” comments CEO of Equites, Andrea Taverna-Turisan.
“The first flow of energy from the Equites property to the city centre building under this wheeling project marks the culmination of almost two years of ongoing engagements, significant learnings and incredible support from our Executives and the entire Equites team. This is, however, only the start, as we have significant potential to increase our generation capacity and provide green energy to other businesses,” adds Irshaad Wadvalla, ESG Officer at Equites Property Fund.
“In practice, this involves Equites feeding energy into the grid which is allocated to the offtaker under a wheeling arrangement, and the energy is paid for at a reduced tariff through a Power Purchase Agreement. Our goal is to use existing infrastructure and our expertise to supply other businesses across South Africa with renewable energy without them requiring capital expenditure and, with that, to alleviate demand on the grid and to reduce carbon emissions.”
