The REIT is aiming to more than double its off-site renewable energy capacity across Bengaluru and the NCR, apart from the current 100 MW solar plant in Karnataka and the ongoing 20 MW solar roof-top project pan-India.
The capital will also be deployed across energy-saving programmes with state-of-the art energy-efficient lighting and chillers across the 96 buildings, besides promoting e-vehicles.
“We have adopted an industry leading ESGframework, built on 19 specific programmes, with committed investments, clear targets and action plans,” said Vikaash Khdloya, CEO of Embassy Office Parks REIT. “Keeping sustainability as a core focus, we continue to deliver and operate wellness-oriented work spaces for our occupiers and their employees.”
Embassy Office Parks REIT just put the first part of its 20 MW solar roof project into operation. This project, one of Asia’s largest, aims to generate 30 million units of solar power, offsetting around 25,000 metric tonnes of CO2 emissions.
As part of its 2040 net-zero carbon operations goal, the REIT aims to achieve 75% renewable energy usage by 2025.
Embassy REIT’s sustainable finance portfolio has grown to over Rs 3,900 crore.”Some existing debt as well as new debt raised for rooftop solar and others have been converted to green loans. We have also raised the first green bond by an Indian real estate entity in 2022,” said Khdloya.
The company raised around Rs 500 crorethrough a green bond issued by an entity that houses Embassy TechVillage (ETV).
“With this, around 30% of our debt book is now green, one of the best in the industry,” he said.
Separately, Embassy Office Parks REIT, India’s first listed and Asia’s largest real estate investment trust by area, has taken a term loan of Rs 1,000 crore from Bajaj Housing Finance Ltd. The funds will be primarily used for repaying existing construction debt and for general corporate purposes.
