Spear Reit’s sustainable strategy gains momentum with the second phase solar expansion at Mega Park and Sable Square, scheduled for Q3 2023. The South African company aims to reduce reliance on Eskom’s fossil-fuel-generated electricity by installing solar PV at more of its properties.
Currently, 16 of the 30 assets already generate over 5.2MW, with plans to scale up to 7.2MW this year.
Spear Reit’s CEO, Quintin Rossi, emphasizes the importance of reducing dependence on Eskom to keep the lights on amid the ongoing electricity crisis. With only two out of 30 assets supplied by Eskom, the company has entered into agreements with the City of Cape Town to curtail supply to large industrial assets and avoid load shedding.
Spear Reit’s sustainability-focused approach reflects its commitment to environmentally responsible operations and benefits both the company and the community it serves.
Reduced reliance on Eskom
Currently, only two of Spear’s 30 assets are supplied by Eskom – the balance of its portfolio is provided for by the City of Cape Town.
According to Rossi, the group has also entered into agreements with the city “to curtail supply to our large industrial assets which have reduced their output – this means they will not experience load shedding at all, or indeed much less of it”.
