Project Solar picking up pace: 28,000 solar panels installed at Belgian retail parks by the end of this year
July 1, 2021
Brussels, 1 July 2021 – Project Solar is gradually picking up pace. By the end of this year 28,000 solar panels will be installed to supply green power to local tenants. To reach this ambitious target, the first successful partnerships with Auto 5, Brico, C&A, Carrefour and Krëfel have already been established. Project Solar is part of Redevco’s Mission 2040, the European real estate investment manager’s commitment to making its assets under management CO2 neutral by 2040.
Redevco and COFRA Holding launched Project Solar last year. The aim of this project is to drive up the on-site production of green energy by installing solar panels on roofs and car parks at retail parks managed by Redevco in Belgium on behalf of one of its clients, COFRA Holding. This involves at least 100,000 square metres of potential (roof) surface area.
A good collaboration with the tenants is crucial for the success of a solar energy project. Normally, the tenants are responsible for procuring their electricity. This project provides the tenants the opportunity to purchase locally generated green energy at an attractive price as Redevco finances the investment of the solar installation for each individual tenant.
For 2021, around 15 locations were selected to install solar panels. Since the project kicked-off, 14 individual installations have already become fully operational, including at the C&A distribution centre in Boom, Carrefour and Brico in Koksijde, Auto 5 and Brico in Drogenbos, as well as Krëfel and Auto 5 in Ninove.
Redevco’s ambition is to give all tenants the possibility to join Project Solar over time.
Kristof Restiau, Managing Director Client & Fund Management explains: “By the end of this year, we expect to have 40 installations operational with a total capacity of around 10MWp, or ± 28,000 solar panels. Together, these solar panels will then produce approximately 8,750,000 kWh of green energy per year (for comparison, enough electricity for ± 2,500 households) and will save 2,700 tons of CO2 per year.”
Ultimately, Project Solar will produce around 25% of the CO2 reduction needed for Redevco to be CO2 neutral by 2040.