Alina Oprea • 4 September, 2023 at 6:10 PM
Focus Estate Fund, a private equity real estate investment fund, has begun a transformational journey to convert its entire shopping center portfolio to solar-powered facilities. The first initiative was inaugurated with the installation of solar panels at Galeria Awangarda in Bartoszyce, Poland. This strategic change is a testament to the Fund's commitment to a greener and more sustainable future.
The installation of solar panels, completed at the end of July on the roof of the Galeria Awangarda, has been completed successively. Looking ahead, Focus Estate Fund is strategically determined to extend this plan through the planned implementation of larger solar stations across its remaining portfolio by the end of the year. After undergoing two comprehensive testing phases, Focus Estate Fund is on track to implement solar panels on the rooftops of these shopping centers, featuring capacities of roughly 1.5 MW.
" At the heart of our efforts lies a commitment to responsible operations and minimizing our environmental footprint. By investing in renewable energy, we not only cut down on operating expenses but also take a significant stride towards curbing emissions. Looking ahead, our dedication to sustainable practices continues to flourish. Our roadmap includes an exciting plan to install solar panels on the remaining eight retail boxes, thereby extending the positive impact of renewable energy”, says Andriy Kozin, the General Partner of Focus Estate Fund.
In essence, the proactive approach of Focus Estate Fund towards sustainable development is yielding tangible results in environmental conservation. By harnessing the potential of solar energy, the Fund is ushering in a new era of eco-friendly practices in the realm of commercial properties, ensuring a brighter and cleaner future for shopping centers.
”The installation of photovoltaic panels is not only about caring about the environment - it is also a significant reduction of the operating costs of the shopping center, and thus a lower cost for the tenants. The market of photovoltaic panels in Poland is experiencing a real boom - at the end of 2022, the total capacity of PV installations was over 12 GW. Compared to 2021, the market growth rate was as much as 61%. The year 2023 promises to be equally impressive, despite unfavorable legislative changes. According to recent forecasts, the capacity of all installed photovoltaic sources at the end of 2023 will exceed 18 GW. As a professional property manager operating on the market for over 20 years, we have noticed a steady increase in interest in photovoltaic panels, not only among property owners but also among tenants. We are getting more and more inquiries about the possibility of subletting part of the roof for the installation of panels. Unfortunately, due to the load-bearing capacity of roofs in older buildings, this is not possible everywhere. However new shopping centers and retail parks are built with proper load-bearing capacity, ready for PV installations”, says Jakub Kaźmierczak, Head of Property and Asset Management of CREAM Property Advisors.