Al-Futtaim Malls extends solar project with $2mn investment

    08 Dec 2021

    Following the success of Phase 1 of the Dubai Festival City Mall solar generation project, Al-Futtaim Malls has announced plans to extend the facility’s operations with a $2.17mn (AED8mn) Phase 2.

    Phase 2 of the solar project is divided into two sections providing a total of 2.6 MWh of power, which is estimated to generate nearly $435,600 (AED1.6mn) on an annual basis, mepmiddleeast reports.

    The solar panels, installed in January 2020 on the roofs of IKEA and Carrefour, have yielded high-efficiency rates and an output of nearly $735,000 (AED2.7mn) worth of power.

    The project, which ensures an agreed rate for Dubai Festival City Mall tenants as set forth by a contractual agreement, is set to usher in an era of sustainable development for the region’s retail industry.

    Phase 2 is divided into two sections providing a total of 2.6 MWh of power, which is estimated to generate nearly $435,600 (AED1.6mn) annually.

     

    Phases of the solar project

    The first part of Phase 2 comprises a solar farm on the malls’ roof, which provides direct power generation to common area assets.

    The second section, a solar generation farm atop ACE Hardware, will enable the retailer to follow a payback structure based on generated values similar to IKEA and Carrefour’s Phase 1 plan.

    Commenting on the second launch, the general manager of Dubai Festival City Mall, Hayssam Hajjar, said: “At Al-Futtaim, we actively support socially responsible initiatives. Since 1955, we have grown by leaps and bounds across all categories, but our biggest goal is our continuing effort to become totally sustainable.

    “Phase 1 of the project has proved to be a successful step in support of our efforts to become a greener mall and an effective cost-saving solution for our partners.”

    Al-Futtaim Malls is an expert in development and asset management, specializing in retail-led super-regional malls spread in prime locations across MENA and beyond.

    ***

    The share of renewables in Gulf states’ electricity generation is marginal, and the region still utilizes fossil-fuel-driven power grids, but the potential for clean energy is substantial. Why is the sunshine-rich Gulf slow to adapt solar, clean energy? Read here.

    Leave a Reply

    Your email address will not be published.