What is the renewable energy mix for Plaza 66 in Shanghai?

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Plaza 66 in Shanghai Utilises a Mix of Bundled Power Purchase Agreements and Green Electricity Certificates for Renewable Energy Sourcing

Since April 1, 2024, Plaza 66 in Shanghai, along with four other Hang Lung Properties' operating assets in Mainland China, has been powered by renewable energy. This initiative is part of a broader strategy by Hang Lung Properties to increase its reliance on sustainable energy sources across its portfolio. The company aims to achieve net-zero greenhouse gas emissions by 2050, with this move significantly contributing to its interim sustainability targets.
Specific Green Energy Terms for Plaza 66, Shanghai

For the period between April 1 and December 31, 2024, Plaza 66 in Shanghai operates under a power purchase agreement that specifies a minimum of 95% green electricity sourced through a bundled agreement. To meet its renewable energy requirements, a maximum of 5% unbundled green electricity certificates are also utilised. This structured approach ensures a consistent and substantial integration of renewable sources into the property's energy consumption.
Broader Renewable Energy Integration Across Hang Lung Properties

The implementation of renewable energy at Plaza 66 is a key component of Hang Lung Properties' wider sustainability efforts. By the end of 2024, the company anticipates exceeding its 2025 target of sourcing 25% of its Mainland China portfolio's energy from renewable sources. This expansion includes properties in other major cities, such as Grand Gateway 66 in Shanghai, Center 66 in Wuxi, Spring City 66 in Kunming, and Parc 66 in Jinan, collectively representing half of its operating properties in Mainland China.
Sourcing Through Wind and Solar Power

The renewable energy powering these properties is primarily derived from wind and solar power sources, procured through power purchase agreements. This aligns with China's national objectives for carbon emission reduction, aiming for carbon peaking by 2030 and carbon neutrality by 2060. Hang Lung Properties' commitment extends to achieving net-zero greenhouse gas emissions across its entire value chain by 2050, as guided by its Science Based Target initiative (SBTi) commitments.

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What is the renewable energy mix for Plaza 66 in Shanghai?

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