25 Jul Can Renewable Energies be the Backbone of the Future Electricity System?
Wind and solar have produced more energy in the EU during May than all fossil fuels combined as the energy transition hits overdrive.
Solar energy alone generated 14% of the EU’s electricity in May: an all-time high.
With more reports across the EU of closing coal-fired power stations and reduction in gas usage, renewable energies could be emerging as the backbone of the future electricity system.
To date OPEN has covered 21,000 SQM of its roof space in PV solar panels generating c. 1m kWH of energy. A dedicated expansion plan will see that increase by nearly 300% to c. 80,000 SQM by the end of 2023, generating nearly 5m kWh of energy.
This energy will be sold to OPEN’s tenants, used to power EV chargers in the carparks, and even has the potential to be sold directly to customers, diversifying income for the fund.
Our energy project began in 2018 as we developed our 5by25 strategy and is really proving its benefits today as countries strive for energy independence and lower carbon footprints. Not only will our PV projects support us on our path to Net Zero, it will also positively impact our investor returns.