- Fortress Real Estate Investments Limited (Fortress) announced its financial results for the year ending 30 June 2024.
- A highlight is the increase in the number of solar PV plants across the portfolio from 25 at 30 June 2023 to 59 plants at 30 June 2024, with installed capacity increasing by 130.2% from 9.63MWac at 30 June 2023 to 22.17MWac at 30 June 2024.
Fortress is making significant strides with its energy security strategy, which includes installing generators, rooftop solar plants, and smart meters. Once financially viable, Fortress plans to add batteries to the solution. Where feasible, Fortress integrates solar systems with diesel generators to reduce diesel costs. Currently, 82% of the Fortress retail portfolio by GLA is connected to backup generators, with this figure expected to reach 97% by December 2024.
Water and electrical smart meters have been installed at 54% of the Fortress Retail portfolio, increasing to 82% by December 2024. These meters, along with IoT devices, form the backbone of a portfolio-wide utility management system, providing near real-time data on energy consumption and the complete energy supply mix, including grid-supplied, solar PV, and diesel-generated electricity.
“We are proud to announce that Fortress has entered into a 10-year wheeling agreement with Discovery Green to provide renewable energy to 14 of the Eskom-supplied properties. Under this agreement, Fortress will have at least 70% of the electricity consumption, which we cannot provide from our on-site solar PV plants. It is anticipated that this programme will be operational in 2026. This wheeling agreement is a critical step in reaching our 2030 decarbonisation target,” said Steven Brown, CEO of Fortress.
Fortress plans to have backup water available at the retail centres for two to three days, coupled with boreholes and purification plants. Fortress currently has backup water tanks at 30 retail centres, with a further installation to be completed by October 2024. Fortress views this as a critical requirement to offer their tenants a functional space and the customers a comfortable experience.
Fortress is finalising EDGE ratings at two logistics buildings in Gauteng and recently instructed the ratings of six further buildings at Clairwood. Fortress has obtained BREEAM ratings for all income-producing assets in our Polish portfolio at a level of “Excellent,” and three further certifications are in progress.
“Fortress remains committed to delivering value to our shareholders, clients, environment, and communities. We are encouraged by the positive trends emerging in both global and local real estate markets and will continue to leverage our strategic positioning to power sustainable growth and returns with our continued focus of two-thirds logistics and one-third retail portfolios,” concluded Brown.
Author: Bryan Groenendaal
