Westfield Corporation | Sustainability Report 2018 | 21
5.1 THE ENVIRONMENT
ENERGY CONSUMPTION (CONTINUED)
Solar Growth 2010-2017 in Number
ofInstallations
(Number of PV Installations)
Solar Growth from 2010-2017 in kWh
(Number of kWh)
0
1
2
3
4
5
6
20172016201520142013201220112010
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
20172016201520142013201220112010
Westfield Solar Program
As part of our ongoing sustainability activities, we
continue to expand and develop our Solar Installation
Program through the installation of solar photovoltaic
(PV) panels at our centres to generate solar energy
onsite. Our solar energy program commenced
in 2010 and has expanded significantly over the
past seven years (see charts to the right). A major
reason for this growth has been a directive from top
management to reduce and stabilise utility bills while
increasing sustainability benefits for tenants, clients,
and our own operations. Westfield has implemented
a comprehensive solar energy program based around
our business goals and decision-making criteria.
The program uses these factors to evaluate the
entire portfolio for solar potential. Sites are ranked
by internal rate of return (IRR), which allows us
to compare solar energy infrastructure with other
potential capital investments, thus, giving us the
confidence to make sound and prudent decisions
based on financial and technological evidence.
This active and holistic solar management system
has led to a substantial increase in solar capacity,
cost savings, and brand differentiation. The increasing
benefits from solar infrastructure have led us to
accelerate the installation of new solar projects.
In 2017, we installed a 1,160 kilowatts (kW) solar
system at Valley Fair, and are in the process of
developing an additional 6.4 MW of solar capacity
across Topanga, Valley Fair, Garden State, and
UTC facilities in 2018. As our solar infrastructure
continues to lower our net operating income (NOI),
we plan to use this solar program to continue to
identify and implement new solar capacity throughout
our portfolio.
Note: Solar growth includes on-site solar
installations and PPAs.