Mindspace REIT to add 50 electric buses and fast chargers to premises in a year

Earlier in March this year, Mindspace REIT raised Rs 550 crore via issuance of green bonds, marking the first REIT-level green bond issuance in India.

By Amit Vijay M calendar 16 Oct 2023 Views icon4338 Views Share - Share to Facebook Share to Twitter Share to LinkedIn Share to Whatsapp
Mindspace REIT to add 50 electric buses and fast chargers to premises in a year

K Raheja-owned Mindspace REIT aims to deploy 50 electric buses and 50 fast chargers within a year in its green mobility push. This is a part of the company’s larger commitment to transition to fully electric vehicles across its large scale industrial parks by 2030.  

Anubhav Saxena, DGM, ESG and Sustainability, K Raheja Corp told Autocar Professional on the sidelines of the CII's second conference on the role of technology in real estate in Mumbai, that they will not buy the buses, but are in advanced talks with Mobility as a service (MaaS) providers for the services. 

Saxena further noted that Blackstone-backed Mindspace which counts Accenture, Qualcomm, BA Continuum and JP Morgan among others as its clients, is open to signing long term contracts with MaaS providers, as part of its aim to offer sustainable transportation solutions to its clients.

Coming to the issue of EV chargers, real estate firm K Raheja Corp has already installed over 1,100 EV chargers at its various properties. It now wants to add an additional 50 fast chargers to keep pace with the growing demand for electric two wheelers and passenger cars.

"As part of our commitment, we are expanding electric vehicle charging infrastructure for our clients across all of our Indian business parks. This is consistent with our commitment to Climate Group's global EV100 initiative to go 100% electric as part of our ESG mandate," he said.

Mindspace REIT which has an ESG Risk rating of 13.1, according to Morningstar Sustainalytics, is a member of Climate Group's global EV100 initiative. This includes nearly 90 international companies committed to making electric transportation the new normal by the end of this decade.

Morningstar Sustainalytics, an independent ESG and corporate governance research, ratings and analytics firm considers an ESG risk rating of 10-20 as low, with one over 40 as severe. Companies with higher ESG scores find it easier to raise funds at lower interest rates which leads to higher operating margins and shareholder returns.

Earlier in March this year, Mindspace REIT raised Rs 550 crore via issuance of green bonds, marking the first REIT-level green bond issuance in India.

"With increasing acceptance of environmentally friendly transportation options driving up demand for EV charging stations, Indian real estate developers must include charging infrastructure in their projects," Saxena added.

This presents a unique opportunity for developers to increase the value and aesthetics of their properties while promoting sustainability," he added.

K Raheja Group is already in collaboration with Tata Power and Adani Group to use its parking-free areas to establish EV-friendly infrastructure, including charging facilities in residential areas. It is also partnering with various state governments to increase bandwidth for residential EV charging.

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