Throughout its 43.6 million square feet (MSF) pan-Indian portfolio, Embassy Office Parks REIT (real estate investment trust) has committed Rs 300 crore to environmental, social, and corporate governance (ESG) programs.
At a premier “ESG Occupier Connect” event on March 10, the business also officially launched the first phase of its 20 MW solar rooftop project, which intends to produce 30 million solar energy units and offset about 25,000 tonnes of CO2 emissions.
The company stated that Embassy REIT expects to satisfy 75% of its energy needs from renewable sources by 2025 as part of its 2040 net zero carbon operating goal.
The REIT plans to build new solar plants throughout Bengaluru and the National Capital Region to more than double its 120 MW onsite and offshore renewable energy capacity in addition to the existing 100 MW solar facility (NCR). The company noted that additional capital investments over and above the 300 crores already committed would be used to finance this expansion of renewable energy production.
Embassy REIT, the country’s first publicly traded REIT, has a strong presence in the office markets of Bangalore, Mumbai, Pune, and NCR. Almost 200 businesses are served by Embassy REIT, which owns and operates eight office parks and four office buildings in the