Phoenix Mills Adds 5 MW Solar With ReNew Power To Power Malls

The Phoenix Mills Limited (PML) through its subsidiaries Vamona Developers Pvt. Ltd. & Offbeat Developers Pvt. Ltd has collaborated with ReNew Power in ushering in an age of solar power by installing solar power plants for the supply of power to Phoenix Marketcity Pune and Phoenix Marketcity Mumbai respectively.

The installation will result in the annual generation of approximately 5 MW or 11 million units of electricity across the two malls and will help in the reduction of 7,800 MT of Co2 which is equivalent to Co2 emissions from ~ 18,000 barrels of oil consumed.

The contract with Renew Power will be for a period of 25 years and is expected to begin from March 2022. The solar plant installation will generate 1.8 MW or approximately 4 million units annually for Phoenix Marketcity Mumbai and will help meet approx. 25% of energy requirements for providing common area services and air conditioning at Phoenix Marketcity, Mumbai.

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At Phoenix Marketcity Pune, the solar plant installation will generate 3.2 MW or approximately 7 million units annually and help meet approx. 50-55% of energy requirements for providing common area services and air conditioning at Phoenix Marketcity, Pune.

The above installations are the latest in PML’s sustained focus on energy efficiency across its various iconic properties. At Phoenix Marketcity Bangalore during FY21, ~94% of power requirement was from green energy. Similarly, ~85% of power requirement of Phoenix Marketcity Chennai & Palladium was from green energy during the same period.

The Phoenix initiative will hopefully drive other large mall developers and operators, notably large players like the DLF Group and smaller operators in other cities to emulate the Phoenix example.

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Shishir Shrivastava, Managing Director at The Phoenix Mills Limited, said: “We are proud to expand on our association with ReNew Power, who have an established history and vast experience in the establishment of solar power projects. At PML, sustainability has always been at the forefront of how we operate. The new solar power initiative is another step in our efforts to drive efficient use of energy across both malls. We take pride in doing our part for the environment and continue to look for eco-friendly building practices.”

For ReNew Power, deals like the Phoenix mall deal indicates its newfound focus on the corporate PPA segment where it expects to see massive growth in the coming decade. It is not clear at this stage of this deal is on the capex, or Opex model.