Brookfield power deal puts wind in Canary Wharf’s sails

Canary Wharf will be soon be wind-powered after striking a deal with its co-owner Brookfield. Under the deal, nearly three-quarters of the electricity used on Canary Wharf Group’s 60-hectare London estate will be provided by a wind farm in Scotland. Brookfield not only owns 50% of Canary Wharf, but is also one of the world’s biggest providers of renewable energy. It intends the new onshore wind farm to come online in 2026. CWG has bought renewable electricity for the business district from energy suppliers since 2012, but the deal with Brookfield is the first time it will source its clean electricity directly from a renewable energy project. The 15-year agreement could be extended to supply all of Canary Wharf’s 18m sq ft of office, retail and leisure spaces with 100% renewable electricity, according to CWG chief executive Shobi Khan. “To be truly sustainable, companies need to help those up and down their value chain to lower their environmental impact, as well as addressing their own emissions,” he said. “This agreement will not only give Canary Wharf Group more control over emissions from our buildings; in adopting a partnership approach with Brookfield, it creates the certainty required to allow them to invest in construction of this wind farm and increase the UK’s overall supply of renewable energy. It will also create new options for our occupiers to lower their own footprints further.” The 15-year power purchase agreement will provide CWG with long-term price certainty and create a stable revenue stream to support Brookfield’s construction of the wind farm. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews Photo from Canary Wharf Group