VGP announces pan-European corporate solar energy deal to power all VGP offices with 100% renewable electricity

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21 December 2021, 7:00am, Antwerp, Belgium: VGP NV (‘VGP’ or ‘the Group’), a European provider of high-quality logistics and semi-industrial real estate, will soon switch all its European office locations to renewable energy as an agreement was reached with Scholt Energy B.V., the independent energy supplier, and ACT Commodities B.V., the European energy trading house, to purchase 100% renewable electricity for all its European office locations.

The Virtual Power Purchase Agreement (VPPA) will provide power supplied from VGP’s existing solar farm on the roofs of VGP Park Nijmegen, Netherlands, to VGP offices across Europe.  The solar farm at VGP Park Nijmegen today has a combined power output of almost 4,400 megawatt hours in total of which 2,100 megawatt hour is currently being utilised by local tenants.  Of the remaining output circa 450 megawatt hours will be allocated to VGP’s offices across Europe and the rest is offered for purchase to Dutch companies and households by Greenchoice, the green energy provider.

This agreement covers VGP’s 20 offices across 13 countries[1].  Additionally, it is envisaged to include VGP’s new offices in France and Serbia next year also.

VGP’s Chief Executive Officer, Jan Van Geet, said:  “As a developer of prime logistics real estate, we know that sustainability is not just part of our business, it is our business. From offering green leases to our new tenants, making use of circular building materials and eliminating unnecessary waste at our building sites to supporting environmental projects through VGP Foundation, we are continuously looking for ways to reduce our environmental impact and aiming to ultimately have a net positive effect.”

Jan Van Geet concluded: “This is why we are very excited today to announce this partnership with Scholt Energy and to add new European solar capacity through additional photovoltaic projects on the roofs of VGP Parks. As we welcome the European Green Deal, we now ask our customers, colleagues, business partners and fellow companies to join us in shifting towards renewable power – we are committed to making our own 100% renewable electricity generated on roofs of VGP Parks available to our tenants where this is feasible and hope that we all together can support this positive change.”

Rob van Gennip CEO at Scholt Energy, said: “Developers like VGP are a driving force in the green energy transition and, with regards to the operational and real estate footprint of their clients, can help play a part in combatting climate change through the offering of renewable energy sources.  We are proud to be supporting VGP in their renewable energy transition and to help make affordable, reliable and sustainable energy available to their offices across Europe.”

The operation will be effectuated for all VGP offices by January 1st 2022. For the VGP offices in those countries with existing Scholt Energy operations it is the aim to switch to the new renewable energy contracts by the earliest contractual opportunity. Until this time ACT Commodities will provide VGP with the local delivery of Guarantees of Origin for the equivalent power consumption. Guarantees of Origin will also be delivered by ACT Commodities to the VGP offices in those countries in which Scholt Energy cannot deliver energy directly[2].

As the solar farm on the roof of VGP Park Nijmegen is already operational the green energy supply can be established as of January 1st 2022, however as Southern Europe enjoys higher solar irradiation, the plan is to switch to delivery from photovoltaic installations on roofs of VGP Parks in Italy which are currently still in design phase.

[1] The offices in the following countries are covered: Belgium (HQ), Germany, Spain, Czech Republic, Romania, Luxembourg (VGP Asset Management), Hungary, Slovakia, Portugal, Italy, Latvia, Netherlands and Austria

[2] Scholt Energy is expected to deliver energy directly to VGP offices in Belgium, Netherlands, Germany and Austria