Equites, a South African property group, has unveiled its strategy to increase its solar capacity, aiming to diversify its revenue streams while contributing to a more environmentally sustainable future. The company's Chief Operating Officer, Riaan Gous, shared this ambitious plan, which underscores Equites' commitment to environmentally friendly practices.
The expansion of solar capacity will require an investment of 136 million rand ($7.09 million) over the next 18 to 36 months. This initiative builds upon Equites' previous announcement in May to add 9 megawatts of solar capacity, potentially reducing the group's carbon emissions by approximately 20%, according to Gous.
The additional 8 megawatts of energy will be generated through a combination of 14 grid-tied and hybrid solar systems equipped with battery storage. Equites, a real estate investment trust (REIT) with a focus on logistics, intends to explore alternative revenue sources by supplying solar-generated power to its tenants.
Equites has already brought three-quarters of the initially announced 9 megawatts of solar capacity online. This has resulted in a notable reduction of the company's carbon emissions, amounting to around 30% for the first half of its 2024 financial year, as highlighted by Gous.
The move towards expanding solar capacity aligns with the broader global trend of companies across various industries striving to enhance their environmental sustainability.
Equites adopts a proactive approach by funding the installation of solar panels at its logistics sites, offering tenants discounted rates for solar-generated power compared to state utility tariffs. Additionally, tenants have the option to invest in batteries at their own expense.
Gous emphasized the significance of solar-related power generation as an important alternative revenue source for the company, with a strong focus on its continuous growth in the coming years.
Over the six months ending on August 31, Equites reported that its total installed solar capacity more than doubled compared to the same period in the previous year, demonstrating its commitment to sustainable practices.
