KUALA LUMPUR: IOI Properties Group Bhd will set a new standard for sustainable retail with the most solar panels in Malaysia installed in its IOI City Mall, according to Hong Leong Investment Bank Bhd (HLIB).
The firm said with 15,757 solar modules covering 354,000 square feet the mall generates 9,780 megawatt (MWh) of solar power annually, supplying 8.2 per cent of its electricity needs and saving RM5.4 million annually.
“This investment, totalling RM18 million, not only delivers significant cost savings but also avoids 7,570 metric tonnes of CO₂ emissions annually, equivalent to removing 1,640 cars from the roads or planting 125,850 trees,” it said in a note.
Meanwhile, HLIB said the recently awarded Green Building Index (GBI) certification for IOI City Mall Phase 1 will reinforce its commitment to energy efficiency.
The firm said the solar panel installation is expected to significantly boost the Energy Efficiency (EE) score, which holds the highest weightage in the GBI rating system.
“As energy costs rise, IOI City Mall’s investment in solar power and sustainability sets a benchmark for future commercial developments, proving that growth and green initiatives can go hand in hand.
“Maintain our conviction Buy recommendation with an unchanged target price of RM4.05,” it added.
-TheStar