Majid Al Futtaim to rely on solar power for future developments

Aug 31, 2016 16:24 CEST by Ivan Shumkov

August 31 – Dubai-based shopping mall, retail and leisure group Majid Al Futtaim said today it intends to use solar photovoltaic (PV) systems to meet at least 5% of its total energy consumption by 2018.

For current projects, the group will need to generate an estimated 38,000 MWh per year. Its plans also call for at least 7.5% solar share in consumption at all new developments.

“Solar technology at existing developments will help us to reduce our carbon footprint by 27,000 absolute tonnes of carbon emissions annually,” said Robert Welanetz, CEO at Majid Al Futtaim – Properties. According to a white paper on renewables published by the company, this emissions saving could be reached for an investment of AED 152 million (USD 41m/EUR 37m) with returns delivered in as little as nine years.

Majid Al Futtaim, which owns the Mall of the Emirates in Dubai, is also considering off-site generation from concentrated solar power (CSP), wind and large-scale solar PV parks. Solar thermal and ground source cooling capacities are among the options for future schemes, too. The group is currently identifying potential partnership opportunities, it said.

(AED 1.0 = USD 0.272/EUR 0.244)

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