CapitaLand to install solar farms atop six properties

Changi Business Park, Avenue: one of the six CapitaLand buildings to have a solar farm

CapitaLand will partner with Sembcorp Industries to install about 21,240 rooftop solar panels atop six CapitaLand properties by end-2019. The installation will collectively generate around 10,292 megawatt hours of energy annually—equivalent to powering about 2,300 four-room Housing & Development Board (HDB) flats.

The six properties are 1 Changi Business Park Avenue 1, 9 Changi South Street 3, 2 Senoko South Road, 40 Penjuru Lane, Techpoint and LogisTech, which are held under CapitaLand’s Ascendas Reit.

The combined rooftop solar facility will avoid over 4.3 million kg of carbon emissions each year. This contributes to the group’s efforts to generate at least 20 per cent energy consumption from renewable energy by 2025.

The group has also signed new sustainability-linked loans with Credit Agricole Corporate & Investment Bank, Natixis Bank and Societe Generale to raise a total of SGD300 million—which will be used on Green projects such as the installation of solar panels, as well as for general corporate purposes.

Interest rates for the five-year multi-currency loans will be reduced as the company achieves its environmental, social and governance metrics. CapitaLand is the first company in Asia to partner with Societe Generale for a sustainability-linked loan; it is also the first real estate partner in Asia for Credit Agricole Corporate & Investment Bank and Natixis for a sustainability-linked loan. — Construction+ Online