Aldar Invests in Retrofit Projects to Reduce Energy Consumption
Aldar Properties PJSC (Aldar) has committed to investing $6 million for energy retrofit projects in 13 of its residential communities to reduce utility consumption as part of the company’s efforts to make its communities more energy efficient and sustainable.
The investment will offset 19,000 tonnes of CO2 per year and reduce utility consumption by $3 million per year across the 13 communities.
The plan is developed in conjunction with the owners’ associations of the communities, managed by Provis, Aldar’s real estate management company.
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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.
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.”
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