Embassy Office Parks REIT to invest Rs 300 crore on green initiatives

Embassy Office Parks REIT said it has committed over Rs 300 crore for ongoing green initiatives across its commercial projects

Embassy Office Parks REIT on Monday said it has committed over Rs 300 crore for ongoing green initiatives across its commercial projects.

In a regulatory filing, Embassy REIT informed that the company has "committed over Rs 300 crore to its ESG (environmental, social, and governance) programme across its 43.6 million square feet pan-India portfolio".

Embassy REIT said it has recently commissioned the first phase of its 20 MW solar rooftop project. This project 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 per cent 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 Rs 300 crore already committed by Embassy REIT to its ongoing ESG initiatives, the company said.

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 programmes, with committed investments, clear targets and action plans".

Keeping sustainability as a core focus, he said the company continues to deliver and operate world-class, wellness-oriented workspaces for its occupiers and their employees.

Embassy REIT is India's first publicly listed Real Estate Investment Trust (REIT). It owns and operates a 43.6 million square feet portfolio of eight infrastructure-like office parks and four city-centre office buildings in Bengaluru, Mumbai, Pune, and the National Capital Region (NCR).

Its portfolio includes a 34.3 million square feet completed operating area, four operational business hotels, two under-construction hotels, and a 100 MW solar park supplying renewable energy to tenants.