Sunseap commissions 9th solar system in its Cambridge Industrial Trust portfolio
CIT's 3 Pioneer Sector 3 facility recently became the 9th site in Sunseap's real estate investment portfolio to be installed with a solar system. The installed system at the 3 Pioneer Sector 3 facility has a capacity of 1.5 MegaWatt peak (MWp).
Like the 8 sites prior, Sunseap provides a zero-cost, one-stop solution from installation to maintenance of the solar system in a model known as solar leasing. In this model, CIT pays only for the amount of energy used at a tariff rate that is competitive against prevailing electricity retailers' rate.
Philip Levinson, CEO of Cambridge Industrial Trust Management, the Manager of CIT, commented, "It is imperative that businesses take responsibility for their environmental impact, and operating sustainably is unquestionably the right thing to do. CIT is committed to sustainable business practices and we are driving CIT's green agenda forward to the benefit of the environment, our unitholders and our tenants, who will receive reduced energy costs over the long term. The installation of this ninth solar panel array is the latest milestone in our journey towards realising our ambition to be Asia's greenest Industrial REIT."
Singapore Exchange has announced plans to increase the transparency of governance by requiring sustainability reporting from the 800 listed companies in Singapore on a 'comply or explain' basis by 2017. Since the agreement reached at the recent COP21 Climate Summit in Paris, Singapore has also pledged to reduce the country's emissions intensity by 36 per cent from 2005 levels.
Mr Frank Phuan, Director of Sunseap, expressed his thoughts about the Paris agreement, saying, "The agreement marks the start of a new journey to combat climate change. It is a resounding call to global leaders to take the lead in driving positive change to safeguard the future of our environment. Locally, we are seeing a rise in companies taking a more proactive approach in opting for sustainable energy. Though a positive sign, we will need a dedicated and inclusive global effort to stand a chance against the harsh effects of climate change."
About Sunseap Group
Sunseap Group is the leading solar energy system developer, owner and operator in Singapore. It operates through 3 key units; Sunseap Leasing, Sunseap International and Sunseap Energy. Sunseap Leasing is the first and largest solar leasing company in Singapore. Sunseap International targets international markets with a business model similar to Sunseap Leasing. Sunseap Energy provides clean energy solutions utilizing off-site arrangements by drawing on solar systems within the Group's portfolio of distributed generation assets. This unique, fully licensed business model with an established base of generating capacity allow companies and organizations looking into sustainability to utilize clean energy even if their buildings are not suitable for on-site solar installations.
About Cambridge Industrial Trust
Cambridge Industrial Trust ("CIT"), publicly listed on the Singapore Exchange Securities Trading Limited since 25 July 2006, is Singapore's first independent industrial real estate investment trust ("REIT").
CIT invests in quality income-producing industrial properties and has a diversified portfolio of 51 properties located across Singapore, with a total gross floor area of approximately 8.5 million square feet and a property value of S$ 1.4 billion as at 30 September 2015. They range from logistics, warehousing, light industrial, general industrial, car showroom and workshop to business park properties, which are located close to major transportation hubs and key industrial zones island-wide.
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