The South African real estate investment fund Hyprop Investments has chosen Solareff to build several solar power plants on the rooftops of its malls in South Africa. Hyprop Investments’ green energy project will require more than $4 million in financing.
Hyprop Investments wants to reduce the carbon footprint of its shopping centres in South Africa. The real estate investment fund wants to power several of its South African properties with solar energy. The new project launched by the commercial centre specialist follows the completion of a first solar project which enabled the construction of a 2.91 MWp system to supply power to its Clearwater shopping centre in Johannesburg.
“As part of Hyprop’s efforts to continuously reduce its impact on the environment, one of our main objectives is to reduce the consumption of natural resources wherever possible. The installation of solar power, a renewable source of energy, is just one part of our commitment to positive change by creating safe environments and spaces where people can connect and be part of a community,” said Morné Wilken, President and CEO of Hyprop Investments.
An investment of more than $4 million
The solar power plant on the rooftop of Clearwater Shopping plaza was installed in three phases. Hyprop wishes to add a fourth phase. Solar power plants are also under construction to supply power to the Rosebank, Woodlands, Atterbury Value Mart, Hyde Park Corner and The Glen shopping centres. For each mall, the solar systems will be installed in two phases.
Eventually, the Atterbury Value Centre, Woodlands, The Glen and Rosebank shopping centres will each have a 1 MWp solar system. The Hyde Park Corner shopping centre will have a 384 kWp solar power plant to be built in one phase. Work on this green energy project has been awarded to Solareff, a solar system supplier based in South Africa.
According to Hyprop, the deployment of solar systems in its shopping centres will also mitigate the risk of continued increases in electricity costs for the company. Its new project will provide 66% of its South African malls with solar power. To achieve its objective, the real estate investment fund will invest 68.77 million South African rand, or more than 4 million dollars. But Hyprop estimates that its project will save 15.9 million (some $954,000) a year on the electricity bills of all its malls.