Regional REIT forms solar joint venture
Regional REIT has entered into a joint venture with pan-European photovoltaics developer Sunbird Solar International.
The partnership will see solar panels installed on “most suitable properties” in Regional REIT’s portfolio in a bid to make the properties more attractive to potential tenants.
Phase one of the installation programme will encompass 19 properties with an aggregate portfolio generation capacity of 4,173kW and is expected to be completed within a year.
Regional REIT has entered into a joint venture with pan-European photovoltaics developer Sunbird Solar International.
The partnership will see solar panels installed on “most suitable properties” in Regional REIT’s portfolio in a bid to make the properties more attractive to potential tenants.
Phase one of the installation programme will encompass 19 properties with an aggregate portfolio generation capacity of 4,173kW and is expected to be completed within a year.
Regional REIT will invest alongside Sunbird in the joint venture company, called Sugarbird SolarCo, to deliver the project.
Regional REIT said the jv would improve the EPC credentials of the respective buildings, supplement and provide on-site green electricity to common parts and help the firm meet its goal of reducing CO2 emissions by some 713 tonnes across the portfolio.
The annual solar electricity output of this first phase is equivalent to the electricity use of 1,270 average UK households, further demonstrating our commitment to long term sustainability that will deliver real impact at scale.
Stephen Inglis, head of ESR Europe LSPIM, Regional REIT’s asset manager, said the jv was an important programme that would reduce the portfolio’s carbon footprint and enable the properties to benefit from both lower maintenance and energy costs.
