- Electricity, water, chilled water, and gas consumption to reduce significantly
- Project will enable Aldar to save AED 40 million per year in energy consumption costs
- Project accelerates Aldar’s efforts to deliver on its 2025 energy and emissions reduction targets
Abu Dhabi, UAE : Aldar Properties (‘Aldar’) has launched a portfolio-wide energy management project to reduce its energy consumption by approximately 20% across 80 assets including hotels, schools, commercial, leisure, retail, and residential buildings. As well as reducing energy emissions, the project will enable Aldar to save approximately AED 40 million per year in energy consumption costs.
The project aims to reduce Aldar’s carbon emissions by 80,000 tons, 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.
Commenting on the launch of the project, Chief Financial and Sustainability Officer, Greg Fewer said: “As a socially responsible leader in the real estate sector, Aldar understands how crucial it is to take proactive measures towards reducing its carbon footprint. The primary step to achieving this goal is to fully understand our energy consumption and put in place measures to ensure we are efficient across our owned and managed assets. We have now reached a significant milestone on this journey as we partner with internationally recognised Energy Service Companies that will help us achieve a significant reduction in energy emissions.”
As well as the positive environmental impact, sustainability projects like this are also good for business. This project is a clear-cut case where the time and effort invested into sustainability initiatives can yield strong financial returns in keeping with broader societal priorities.”
Based on the completion of the level-III audits by the shortlisted partners, Aldar has awarded five-year Energy Performance Contracts to four ESCOs, including Siemens, Enova, ENGIE (in collaboration with Tabreed), and Johnson Controls (in collaboration with Alliances for Global Sustainability). Each ESCO will be responsible for a portfolio of buildings, while grfn global has been appointed as the project management consultant.
In the upcoming phase of the project, the ESCOs will carry out retrofit projects across all 80 assets with an expected completion date in Q3 2022. Upon its successful completion, the ESCOs are required to accomplish the guaranteed energy savings for a period of five years. The measurement and verification of the savings will be done as per the guidance provided in International Performance Measurement & Verification Protocol (IPMVP).
Aldar’s energy management project is aligned with the Group’s Sustainability Strategy and its 2025 energy and emissions reduction targets.
For further information, please contact:
Obaid Al Yammahi
+971 2 810 5555
+971 2 234 4600
Aldar Properties PJSC is the leading real estate developer and manager in the UAE with a diversified and sustainable operating model centered around two core businesses: Aldar Development and Aldar Investment.
Aldar Development is a master developer of integrated, liveable, and thriving communities across Abu Dhabi’s most desirable destinations, including Yas Island, Saadiyat Island, Al Raha, and Reem Island. It is responsible for developing Aldar’s c. 65 million sqm land bank and includes three businesses: Aldar Projects, which manages Aldar's fee-based development management business, including AED 45 billion of government housing and infrastructure projects; Aldar Ventures, which incubates and nurtures new business opportunities and innovation areas; and Aldar Egypt, the platform focused on developing mixed-use communities in Egypt.
Aldar Investment houses Aldar’s core asset management business comprising an AED 16 billion portfolio of investment grade and income-generating real estate assets diversified across retail, residential and commercial segments. It also manages three core platforms: Aldar Education, Aldar Estates and Aldar Hospitality and Leisure. Aldar Education includes Aldar’s entire educational portfolio, including Aldar Academies, the leading education group in Abu Dhabi, with 20 schools, over 24,000 students and a growing network of 3,000 educators from over 100 nationalities, offering a wide range of curriculum and ancillary services such as a Teacher Training Academy.
Aldar Estates consolidates Aldar’s Retail Operations alongside existing Residential and Commercial real estate operations within Provis and will further include Community Management under one integrated property management platform. Aldar Hospitality and Leisure looks after Aldar’s portfolio of hotel and leisure assets, which are anchored around Yas Island and Saadiyat. It includes Aldar’s portfolio of 10 hotels, comprising over 2,900 hotel keys and managing operations across golf courses, beach clubs and marinas.
Aldar’s shares are traded on the Abu Dhabi Securities Exchange (Stock quote: ALDAR:UH), and is a profitable, cash generative business that provides recurring revenues, and benefits from a diverse and supportive shareholder base. Aldar operates according to high standards of corporate governance and is committed to operating a long term and sustainable business in order to provide ongoing value for its shareholders.
Aldar is driven by a vision to be a leading real estate developer and manager in the region by playing a key role in the development of quality, comfortable, desirable destinations that people can live in, work at and visit.
For more information on Aldar please visit www.aldar.com
© Press Release 2022
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