Aldar Properties PJSC (Aldar) has committed to investing AED 25 million for energy retrofit projects in 13 of its residential communities that will reduce utility consumption for owners and tenants as part of the company’s efforts to make its communities more energy efficient and environmentally friendly.
The investment by Aldar will offset 19,000 tCO2 per year and reduce utility consumption by a total of AED 12 million per year across the 13 communities. The plan was developed in conjunction with the owners’ associations of the communities, which are managed by Provis, Aldar’s real estate property management company. Grfn is acting as the Energy Project Management Company, while Siemens will carry out the retrofit project.
The company’s investment into its communities is the first-of-its kind by an Abu Dhabi developer and incremental to the ambitious portfolio-wide energy management project that was announced in early 2022. The project will enhance efficiency across a range of Aldar hotels, schools, commercial, leisure, retail, and residential buildings.
Commenting on the launch of the project, Greg Fewer, Aldar’s Chief Financial and Sustainability Officer, said, “The commitment we have made to reduce the energy consumption of our residential communities reflects the pioneering role we have taken in the region’s real estate sector to reduce our carbon footprint. This project is special as its innovative structure enables significant capital investment into community assets while reducing energy consumption, carbon footprint, and community service charges at the same time. We're proud of our team's ability to plan and execute real win-win solutions that move our industry forward and add tangible value to owners within Aldar managed communities.”
Provis’ Chief Executive Officer, HP Aengaar, added, “Provis continuously introduces and implements innovative technologies and sustainability driven initiatives that result in the reduction of our managed communities’ carbon footprint and energy consumption. Aldar's new pledge will enable us to further increase our investment in high-impact solutions and modernisation programmes centred around sustainability and the environment. It will also allow us to continue building on previous achievements and enhance the overall real estate experience for investors, owners, and tenants.”
Aldar’s wider energy management initiative announced in January is expected to cut consumption by 20% and support the company’s efforts to align its sustainability practices with the UAE’s long-term carbon reduction targets. The retrofit project is a key milestone in the company-wide decarbonisation journey towards net-zero - it will decrease carbon emissions by 80,000 tonnes, electricity consumption by 110 GWh, water consumption by 886,000 m3, chilled water consumption by 23,000,000 TRH, and gas consumption by 726,000 m3 on a yearly basis.