Canary Wharf Supports Net Zero Ambitions with Windfarm Partnership
Canary Wharf Group (CWG) has announced a 15-year power purchase agreement (PPA) with renewable energy provider Brookfield to support the development of a new wind farm in the UK. The partnership will enable CWG to purchase clean energy and provide over 70% of its electricity consumption through renewable sources. The proposed wind farm, with a generating capacity of up to 60MW, is expected to be commissioned by 2026 and will be part of Brookfield’s pipeline of UK wind projects.
The PPA will provide CWG with long-term price certainty and contribute towards its net-zero ambition. The agreement will create a stable revenue stream to support Brookfield’s construction of the wind farm, while also allowing CWG to guarantee the source of its renewable energy.
In line with UK energy policy to prioritize domestic investment in renewable energy, the proposed wind farm will offer a cost-effective source of energy, delivering nearly half the cost of electricity generated from gas. This partnership will support the overall supply of renewable energy in the UK, and provide power to all residents, office occupiers, and retailers across the 150-acre estate of Canary Wharf entirely through renewable energy.
Shobi Khan, CEO of Canary Wharf Group, says: “This agreement will not only give Canary Wharf Group more control over emissions from our buildings but also create the certainty required to allow them to invest in the construction of this wind farm and increase the UK’s overall supply of renewable energy. It will also create new options for our occupiers to lower their own footprints further.”
It is important that we continue to invest in and build the infrastructure required to help businesses accelerate their transition to cleaner forms of energy and achieve their net-zero targets.
Tom O’Brien, CEO of Brookfield’s Renewable Power & Transition Group, adds: “It is important that we continue to invest in and build the infrastructure required to help businesses accelerate their transition to cleaner forms of energy and achieve their net-zero targets. This PPA with CWG ensures their entire estate, including their customers, have access to reliable renewable power, with flexibility to expand as the CWG estate grows.”
By partnering with Brookfield, CWG is taking a significant step towards achieving its net-zero ambition and promoting further movement towards renewable energy across its estate.
Owned by Brookfield Property Partners and Qatar Investment Authority, the 97-acre Canary Wharf estate in London’s docklands has been impacted by the adoption of hybrid working practices by financial services firms, with the Group reported total revenues of £419.7 million in 2021 against £426.8 million in 2020, although it also reported an increase in rental income from £288.1 million to £295.9 million over the same period.
Join our Newsletter
Keep up-to-date with the latest opportunities, industry and regulatory news, business events, and announcements from our partners.