Canary Wharf Group And Brookfield Sign Wind Farm Deal
Canary Wharf Group is to partner with Brookfield to build a new UK wind farm to supply renewable energy to the estate.
The 15-year power purchasing agreement will provide CWG with long-term price certainty while the guaranteed revenue stream will support the construction by Brookfield — one of the world’s largest renewable energy providers, which also owns CWG in a joint venture with the Qatar Investment Authority — of a 60 megawatt wind farm.
Overall, the agreement will meet at least 70% of CWG’s electricity consumption needs, the company said, while also providing the potential to power all residents, office occupiers and retailers across the 150 acres of Canary Wharf through renewable energy.
The wind farm is part of Brookfield’s pipeline of renewable projects in the UK and is expected to be commissioned by 2026.
CWG has already reduced its emissions by 26% across scopes 1 and 2, and in scope 3 downstream leased assets.
CWG has procured renewable electricity for the estate since 2012, and two years ago raised £900M in green debt to push its sustainability agenda.
A renewable energy power purchasing agreement, signed directly with project developers rather than bought through retail energy suppliers, should allow CWG more control through guaranteeing the source, and supporting the overall supply of renewable energy in the UK, CWG said.
“This agreement will not only give CWG 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," CWG CEO Shobi Khan said. "It will also create new options for our occupiers to lower their own footprints further.”