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Aldar Properties funding its community in this way is a first for a developer in the emirate
Aldar Properties PJSC (‘Aldar’) has committed AED 25 million for energy retrofit projects in 13 of its residential communities. This will reduce utility consumption for owners and tenants as part of the company’s efforts to make their communities more energy efficient and environmentally friendly.
Aldar’s investment will offset 19,000 tonnes of CO2 per year and reduce utility consumption by AED12 million per year in 13 communities. The plan was developed in conjunction with the Community Home Owners Association managed by Provis, Aldar’s real estate property management company. Grfn will act as the energy project management company, while Siemens will execute the retrofit project.
The company’s investment in its community is a first for an Abu Dhabi developer and complements an ambitious portfolio energy management project announced in early 2022. The project will improve the efficiency of a range of Aldar hotels, schools, and commercial, leisure, retail and residential buildings.
Commenting on the project’s launch, Aldar’s Chief Financial and Sustainability Officer Greg Fewer said their commitment to reducing energy consumption in residential communities reflects Aldar’s pioneering efforts to reduce carbon footprints in the region’s real estate industry effect.
“This project is special because of its innovative structure that enables substantial capital investment in community assets while reducing energy consumption, carbon footprint and community service costs,” Fewer said.
“We are proud of our team’s ability to plan and execute true win-win solutions that move our industry forward and add tangible value to owners within the Aldar managed community.”
HP Aengaar, CEO of Provis, said: “Provis continues to introduce and implement innovative technologies and sustainability-driven initiatives that reduce the carbon footprint and energy consumption of the communities we manage.
Aldar’s new commitment will allow us to further increase our investment in high-impact solutions and modernization initiatives centered on 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 broader energy management plan announced in January is expected to reduce consumption by 20 percent and support the company’s efforts to align its sustainability practices with the UAE’s long-term carbon reduction goals.
The retrofit project is a key milestone in the company-wide decarbonization journey to net zero. It will reduce carbon emissions by 80,000 tons per year, consume 110GWh of electricity, 886,000 cubic meters of water, 23 million TRH of chilled water, and 726,000 cubic meters of gas.
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