Sabana Industrial REIT (Sabana REIT) has taken another step towards greening its portfolio.
The REIT announced on 8 December that it has entered into agreements to install rooftop solar panels at another five of its assets.
The agreements were entered into with Keppel Keppel EaaS, a part of Keppel Corporation’s Infrastructure Division.
Sabana REIT is a Singapore Exchange (SGX)-listed industrial REIT with a portfolio of 18 assets across the island.
The five properties that will soon be installed with solar panels under the agreement with Keppel EaaS are 2 Toh Tuck Link, 8 Commonwealth Lane, 23 Serangoon North Avenue 5, 39 Ubi Road 1 and 51 Penjuru Road.
Work on the assets is expected to be completed by 4Q 2024.
It marks the second phase of the REIT’s sustainability partnership with Keppel EaaS, following the first phase announced on 30 March 2023.
Earlier in the year, Sabana REIT announced the first phase under which solar panels are to be installed on four of the REIT’s assets.
Work on these assets, 10 Changi South Street 2, 34 Penjuru Lane and 3A Joo Koon Circle are completed.
The expected turn-on of solar generation is in December 2023, subject to authority’s approval, said the REIT.
Collectively, the total installed solar generation capacity for this second phase is estimated to be 2.4 MWp.
This is expected to reduce over 27,000 tonnes of carbon emissions over the project lifecycle of approximately 25 years.
By 4Q 2024, the majority of the REIT’s multi-tenanted properties will be covered by renewable energy.
Sabana REIT was last done on the SGX at SGD0.405, which presently implies a distribution yield of 7.95% according to data on the Singapore REITs table.