DOUBLEDRAGON Properties Corp. will be installing solar panels that can generate up to 100 megawatts across its properties in the future as part of its sustainability efforts.
In a statement Monday, the listed property developer said it has inaugurated a 1,098-panel high efficiency solar installation on the rooftop of DoubleDragon Plaza in its DD Meridian Park project in Pasay City.
DoubleDragon engaged Lopez-led FP Island Energy Corp. to design and install the rooftop solar system, which is expected to displace 418 tons of carbon dioxide equivalent to more than 13,565 trees planted.
“DoubleDragon expects to soon host 100 megawatts of solar power on its various properties across the country which will add considerable additional revenues to the company,” DoubleDragon Chief Investment Officer Marianna H. Yulo said in a statement.
The solar installation could also enhance operational efficiencies at DoubleDragon Plaza that has been pre-certified by the United States Green Building Council to meet the Leadership in Energy and Environmental Design Silver standard.
“We endeavor to build sustainable and eco-friendly structures that will blend well with the community and should remain productive and relevant in the next 100 years,” DoubleDragon Chairman Edgar J. Sia II said in a statement.
Meanwhile, the company said it has already leased out all five towers in DD Meridian Park. It now hosts more than 20,000 employees, and is seen to further rise to more than 50,000 by the end of the year. The number of employees will support the customer base of its retail tenants located on the ground floor of the office complex.
DD Meridian Park was developed to help meet the company’s goal of having 1.2 million square meters under its leasable portfolio by 2020. This will come from a combination of community malls, office spaces, hotels, and industrial facilities.
DoubleDragon’s net income attributable to the parent climbed 45% to P767.30 million during the first quarter of 2019, as gross revenues also increased 33% to P2.44 billion.
Shares in the company shed 0.83% or 20 centavos to close at P23.90 each at the stock exchange on Monday. — Arra B. Francia