Embassy REIT Commits Over ₹300 crores Towards Investments In Green Initiatives
- Successfully launched one of Asia’s largest solar rooftop project, to offset around 25,000 tonnes of CO2 emissions
- On track to achieve its 75/25 renewable target, plans underway to double its renewable solar energy capacity
- Hosted flagship ESG event with 200+ occupiers and strategic partners to collaborate on sustainability strategies
Bengaluru, India, March 13, 2023
Embassy Office Parks REIT (NSE: EMBASSY / BSE: 542602) (‘Embassy REIT’), India’s first listed REIT and the largest office REIT in Asia by area, announced today that it has committed over ₹300 crores to its ESG program across its 43.6 msf pan-India portfolio. During its flagship ‘ESG Occupier Connect’ forum held on March 10th, attended by over 200 key occupiers and strategic partners, Embassy REIT commissioned the first phase of its 20 MW solar rooftop project. This project, one of Asia’s largest, aims to generate 30 million units of solar power, offsetting around 25,000 tonnes of CO2 emissions.
As part of its 2040 net zero carbon operations goal, Embassy REIT aims to achieve 75% renewable energy usage by 2025. Apart from the existing 100 MW solar plant, the REIT strategically plans to more than double its current 120 MW onsite and offsite renewable energy capacity by installing new solar plants across Bengaluru and NCR. This renewable energy capacity enhancement will be through additional capital investments above the ₹300 crores already committed by Embassy REIT to its ongoing ESG initiatives.
Vikaash Khdloya, Chief Executive Officer of Embassy REIT, said,
“To be environmentally conscious, socially responsible and a governance-first business is a journey that Embassy REIT embarked on years ago. We have adopted an industry leading ESG framework, built on 19 specific programs, with committed investments, clear targets and action plans. Keeping sustainability as a core focus, we continue to deliver and operate world-class, wellness-oriented workspaces for our occupiers and their employees.”
Embassy REIT’s ESG program has received multiple accolades from renowned global institutions and was awarded a 5-star rating both from GRESB and the British Safety Council. In addition, Embassy REIT was recognised as the world’s largest ‘USGBC LEED Platinum-Certified’ office portfolio (v4.1 O+M) by Green Business Certification Inc. Embassy REIT’s sustainable finance portfolio has grown to over ₹3,900 crores, and two of its listed bonds were recently awarded at the prestigious ‘Asset Triple A Country Awards for Sustainable Finance’.
About Embassy REIT
Embassy REIT is India’s first publicly listed Real Estate Investment Trust. Embassy REIT owns and operates a 43.6 msf portfolio of eight infrastructure-like office parks and four city‑centre office buildings in India’s best-performing office markets of Bangalore, Mumbai, Pune, and the National Capital Region (‘NCR’). Embassy REIT’s portfolio comprises 34.3 msf completed operating area and is home to around 230 of the world’s leading companies. The portfolio also comprises strategic amenities, including four operational business hotels, two under‑construction hotels, and a 100 MW solar park supplying renewable energy to tenants. For more information, please visit www.embassyofficeparks.com.
This press release is prepared for general information purposes only. The information contained herein is based on management information and estimates. It is only current as of its date, has not been independently verified and may be subject to change without notice. Embassy Office Parks Management Services Private Limited (“the Manager”) in its capacity as the Manager of Embassy REIT, and Embassy REIT make no representation or warranty, express or implied, as to, and do not accept any responsibility or liability with respect to, the fairness and completeness of the content hereof. Each recipient will be solely responsible for its own investigation, assessment and analysis of the market and the market position of Embassy REIT. Embassy REIT does not provide any guarantee or assurance with respect to any distribution or the trading price of its units.
This press release contains forward-looking statements based on the currently held beliefs, opinions and assumptions of the Manager. Forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, financial condition, performance, or achievements of Embassy REIT or industry results, to differ materially from the results, financial condition, performance or achievements expressed or implied by such forward-looking statements. Given these risks, recipients of this press release are cautioned not to place undue reliance on these forward-looking statements. The Manager disclaims any obligation to update these forward-looking statements to reflect future events or developments or the impact of events which cannot currently be ascertained, such as COVID-19. In addition to statements which are forward looking by reason of context, the words ‘may’, ‘will’, ‘should’, ‘expects’, ‘plans’, ‘intends’, ‘anticipates’, ‘believes’, ‘estimates’, ‘predicts’, ‘potential’ or ‘continue’ and similar expressions identify forward-looking statements.
This press release also contains certain financial measures which are not measures determined based on GAAP, Ind-AS or any other internationally accepted accounting principles, and the recipient should not consider such items as an alternative to the historical financial results or other indicators of Embassy REIT's cash flow based on Ind-AS or IFRS. These non-GAAP financial measures, as defined by the Manager, may not be comparable to similarly titled measures as presented by other REITs due to differences in the way non-GAAP financial measures are calculated. Even though the non-GAAP financial measures are used by management to assess Embassy REIT's financial position, financial results and liquidity and these types of measures are commonly used by investors, they have important limitations as analytical tools, and the recipient should not consider them in isolation or as substitutes for analysis of Embassy REIT's financial position or results of operations as reported under Ind-AS or IFRS. Certain figures in this press release have been subject to rounding off adjustments.
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