GTC has finalised a three-year electricity purchase agreement under a Power Purchase Agreement (PPA) structure with green energy trader Ekovoltis. As a result, all GTC office buildings and shopping centres in Poland will be powered predominantly by electricity sourced directly from renewable energy providers.
Under the agreement between GTC and Ekovoltis, 62% of the energy supplied will come from renewable sources, delivered directly from photovoltaic installations and wind farms.
"Energy is one of the dominant cost items faced by tenants and owners of commercial buildings. The agreement we have signed reduces electricity costs and limits price risk, providing greater security for the users of our properties," says Witold Rafalski, Head of Asset Management at GTC. "Purchasing energy that in large part genuinely comes from renewable sources is also an important step towards decarbonising GTC's property portfolio in Poland."
In Poland, GTC currently manages a portfolio of 16 office buildings with a total area of nearly 200,000 sqm, located in Warsaw and the largest regional cities. The company also owns two shopping centres – Galeria Północna in Warsaw and Galeria Jurajska in Częstochowa – with a combined gross leasable area of over 110,000 sqm.
"From the very beginning of the process, GTC clearly communicated that the key criterion in selecting the energy procurement structure was real environmental impact and alignment with ESG goals, rather than price alone," says Tomasz Kwiatkowski of Westbridge. The transaction was advised by Westbridge, a company specialising in key areas of the energy transition. Under the signed agreement, the remaining portion of electricity will be purchased in an offset formula, with guarantees of origin, via the Polish Power Exchange.
