March 24 (SeeNews) - Romanian real estate developer Iulius said it invested over 3.5 million euro ($3.8 million) to install photovoltaic (PV) panels across all the properties in its portfolio and boost its energy autonomy while supporting decarbonisation efforts.
The photovoltaic panels cover approximately 26,000 sq m and facilitate the production of over 5,500 MWh per year, while slashing 1,500 tonnes of carbon dioxide emissions per year, Iulius said in a press release on Thursday.
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“Through this project, we are achieving multiple objectives: environmental protection and better control of energy costs, a very important aspect in the current context,” Robert Gherca, Chief Technical Manager at Iulius was quoted as saying.
The company estimates that the investment will generate savings of about 10% in energy consumption at the group level.
The PV panels are installed across the company’s mixed urban regeneration complexes, Palas Iasi and Iulius Town Timisoara, its three malls in the Iulius Mall network, its Palas Campus Iasi office building which will be inaugurated this spring, as well as its two Family Market retail centres in Iasi county.
Recently, Iulius partnered with the International Finance Corporation (IFC), a member of the World Bank Group, to develop a decarbonisation strategy and accelerate reaching net zero emissions, the company said in a social media post in early May.
In its sustainability report from 2021, Iulius announced a 16% reduction in its greenhouse gas emissions compared to 2019 and a 15% reduction in its total energy consumption.