Hong Kong - Manulife Investment Management and EcoSmart Energy announced the successful installation of a solar project in Hong Kong, with EcoSmart investing in the construction of a solar photovoltaic system with a total capacity of 150KW on the rooftop of Manulife Tower. The system consists of a total of approximately 270 solar panels and its annual output of electricity is 155,200 kWh (equivalent to the electricity consumption of 34 Hong Kong households). It is estimated that approximately 57,424 kilograms of carbon emission (equivalent to planting 2,632 trees) can be effectively reduced per year.
As the investment advisor of Manulife Tower in Hong Kong, Manulife Investment Management worked with EcoSmart to complete the project in July 2023. It marks an important milestone for both companies to fulfill their corporate social responsibilities by committing to and encouraging the use of renewable energy to promote sustainable development. The project is also aligned with one of the core pillars of Manulife’s Impact Agenda pertaining to accelerating a sustainable future to preserve the planet. The income from "feed-in tariff" can be utilized as tariff subsidies, for more companies and institutions in Hong Kong to understand the benefits of installing solar photovoltaic systems on idle rooftops, joining hands to reduce carbon emissions and cope with the climate change.
The solar photovoltaic system designed by EcoSmart for Manulife adopts high-quality structures, including Design for Manufacture and Assembly (DfMA), to avoid waste of materials, reduce construction risks and shorten the construction period. The solar panels used are one of the highest performing panels available in the market. In addition to features such as resistance to strong winds and extreme weather and the customized wind load design, the system has the best fireproof and electrical safety features and the ability to slow down performance degradation. Besides, its optical coating helps reduce energy lost at high temperatures. More importantly, with a light reflective index of below 5%, impact to the occupants of the surrounding buildings is kept to a low level.
The system is equipped with high-standard sensors and advanced Internet of Things (IoT ) technology with a real-time monitoring system that is connected to Hong Kong's first solar real-time monitoring centre to continuously measure solar irradiance to estimate the performance of the photovoltaic system. It also generates big data for analysis purposes, to ensure power generation efficiency and year-round operation of the system to achieve high quality and safety standards.
"Manulife is always committed to drive sustainable practice in our business, especially under our real estate investment management. We are thrilled to the partnership with EcoSmart on the solar panels project at our Asia headquarters as an alternative clean energy source. This is a crucial step in our carbon reduction strategy to support the transition to a net zero economy, reducing our emissions, and providing nature-based solutions to help preserve the planet we all share. We will continue to create values for tenants, investors and stakeholders, also deliver positive impact to the community and environment," said by Kenneth Tsang, Senior Managing Director & Head of Real Estate Asset Management, Asia for Manulife Investment Management.
As stated by Stephen Ma, Chief Executive Officer of EcoSmart Energy, "Our team, though, has undertaken a number of solar projects recently, as a committed contractor in Hong Kong in promoting green energy, our team wishes to shoulder the social responsibility and actively promotes cooperation between the business sector and environmental protection groups. Such cooperation with Manulife allows us to make a contribution to sustainable development. We can also utilize the income from ‘feed-in tariff’ as tariff subsidies, for more companies and institutions in Hong Kong to understand the benefits of installing solar photovoltaic systems on idle rooftops, joining hands to reduce carbon emissions and cope with the climate change!"