21st October 2024: Brookfield Properties has secured renewable power from Brookfield’s Bikaner Solar Power Project in the first partnership in India under the Inter State Transmission System (ISTS) bilateral arrangement. As a result, Brookfield Properties’ occupiers in Delhi NCR now receive 40% of their energy from renewable power.
This transition at its four marquee campuses—Candor TechSpace Sector 48 and 21 in Gurugram, and Candor TechSpace Sector 62 and 135 in Noida—is part of the BIRET portfolio and is expected to reduce more than 20,000 metric tons of CO2 annually. This is equivalent to removing approximately 4,300 cars from the road annually.
This collaboration will enable Brookfield Properties to achieve its sustainability goals. The partnership benefits the environment while providing occupiers with a sustainable, cost-effective energy solution delivered directly to their premises, without additional contracting or operational or capital expenditures, ensuring transparency and compliance with sustainability commitments.
Brookfield’s Bikaner Solar Power Project has been commissioned with 550 MWp of capacity, making it one of the largest ISTS connected renewable energy park in India. The site’s power output will cater to the energy requirements of the Commercial & Industrial (C&I) segment. The equity investment for Bikaner was provided by the first vintage of the Brookfield Global Transition Fund (BGTF I), the world’s largest fund focused on investments that aim to accelerate the global transition to a net-zero carbon economy while delivering strong risk-adjusted returns to investors.
Brookfield has invested in platforms which comprise a portfolio of over 25 GW of wind and solar assets in operation, construction and development.
Ananya Tripathi, Managing Director, Real Estate in India, Brookfield said, “Given our scale, we recognize the importance of both, addressing environmental issues that are most material to our business and creating positive outcomes for our stakeholders. This collaboration represents our ability to power our properties’ portfolio with renewable energy solutions and brings us closer to our goal of using 100% renewable power across Brookfield Properties by 2027.”
Murzash Manekshana, Managing Director and Head of Asset Management in India, Renewable Power & Transition, Brookfield said, “Companies are turning to renewables because it lowers their costs, reduces their carbon footprint, and improves energy security. This partnership harnesses the Brookfield ecosystem, with the Brookfield-developed Bikaner solar power plant fulfilling the renewable energy needs of Brookfield Properties. We remain committed to offer tailored solutions and being the partner of choice for Indian corporates in achieving their sustainability goals.”
Brookfield Properties continues to lead in sustainable development and operations, recognized as an EDGE Champion by the International Finance Corporation (IFC) for its commitment to green building practices and decarbonizing its portfolio.
The planned transition to 100% renewable energy by 2027 reinforces Brookfield Properties’ leadership in sustainability across its entire 55 MSF portfolio in India. With over 450 leading Indian and global tenants, Brookfield Properties is committed to supporting their sustainability goals through innovative solutions. These efforts are central to Brookfield Properties’ strategy to achieve net zero emissions across its India portfolio by 2040 or sooner. By providing direct access to traceable renewable energy, the company advances shared sustainability objectives and enhances the value offered to its tenants. The strategic partnership facilitates scalability and aligns with global industry standards, establishing benchmarks that highlight its commitment to responsible development in India.