Workspace signs 10-year renewable energy supply deal with Statkraf

Flexible workspace company Workspace Group has signed a 10-year deal to purchase electricity from renewable energy provider Statkraf.

Workspace said the deal would allow Statkraf to supply about two-thirds of its expected electricity demand from February 2024.

Workspace, which is listed on the FTSE 250, said it will use all the electricity generated by a newly built solar farm in Devon.

According to Workspace, the deal will also help its clients “achieve their own sustainability ambitions by significantly reducing their emissions.”

It said the deal marked the first clean energy corporate power purchase deal by a London office supplier to date.

Sonal Jain, head of sustainability at Workspace, said: “Today we have taken a significant step on our path to net carbon neutrality by decarbonizing around two-thirds of our portfolio’s electricity use.

‘The recent agreement at COP28 for countries to triple their renewable energy capacity by 2030 is supported by decisions like ours, which allow new capacity on the grid, rather than simply sourcing from existing supply. This is by far the most responsible way to purchase a substantial portion of clean, green electricity.’

Dave Benson, CFO of Workspace, added: “This deal clearly demonstrates how our scale as an operator of five million square feet of workspace, our focus on sustainability and our strong financial position have enabled us to take an important leadership position. “. step in our industry.

‘The agreement delivers significant value for our stakeholders and supports long-term energy security for the Group and our customers.

“As businesses increasingly look for workspaces with strong sustainability credentials that run on clean energy, our shift to even higher quality renewable electricity is commercially attractive and sustainable.”

Shared work spaces rose on Thursday and was up 1.72 per cent or 9.00 pence at 532.50 pence in early trading, having risen more than 24 per cent in the last year.

Last month, Workspace reported a half-year loss as higher interest rates hit property valuations, although rental income improved.

The flexible workspace provider posted a pre-tax loss of £147.9m for the six months to September 30, down from a profit of £35.8m a year earlier.

The London-based company was hurt by a negative fair value movement of £170.8 million in investment properties, compared with a profit of £8.1 million a year earlier.

Net rental income rose 8.7 per cent year-on-year to £61 million, from £56.1 million a year ago.