Aldar invests Dhs25m into residential communities to cut energy consumption

Aldar Properties is investing Dhs25m towards energy retrofit projects in 13 of its residential communities to reduce utility consumption for owners and tenants.

The investment by Aldar will offset 19,000 tCO₂ per year and reduce utility consumption by a total of Dhs12m per year across these communities.

The plan was developed in collaboration with the owners’ associations of the communities, 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.

Aldar’s chief financial and sustainability officer, Greg Fewer 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 per cent 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.

In other news, Provis announced significant energy and utility savings during the first half of 2022. The savings are valued at Dhs2.4m across 13 managed residential communities and three retail destinations in Abu Dhabi.

The company reported that it had successfully reduced over 5,000 tonnes of carbon emissions and saved over 4 million kWh of energy, which is enough to power nearly 600 rural homes for six months, using chilled water and energy-optimisation initiatives.

Read: Aldar-owned Provis achieves energy and utility savings worth Dhs2.4m in H1 2022

Also read: Aldar to advise Science Based Targets initiative on net-zero targets for real estate sector