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Frankfurt am Main, November 28, 2023

Westbridge and KLÉPIERRE Germany conclude Power Purchase Agreement for four shopping centers

Westbridge Advisory (Westbridge), one of the leading energy and sustainability advisors in the real estate industry, and the German branch of the French shopping center specialist KLÉPIERRE are cooperating in the field of energy management. KLÉPIERRE has concluded a Power Purchase Agreement (PPA) with Westbridge for the shopping centers Centrum Galerie Dresden, Forum Duisburg and Arneken Galerie Hildesheim.

A PPA is a contractual agreement for the supply of energy between an energy producer or operator and a company that offers long-term price security on the energy market and provides direct proof of origin at the energy production site. By providing specific information on the source of the energy, the customer has the opportunity to increase its ESG scoring, which is important for sustainability reporting.

Cyrille Deslandes, new Managing Director of KLÉPIERRE Management Deutschland GmbH: "The PPA agreement concluded with Westbridge will enable us to save a total of around 3,900 tons of CO₂ over the next two years. As a global leader in sustainability in our sector and in view of our renewed Act4Good® Commitments 2030, which include achieving carbon neutrality, this is an important milestone for us."

"With our Power Purchase Agreement, we offer our partners in the real estate sector not only a reliable and green source of energy, but also financial predictability in a volatile market. It is an absolute win-win situation for our clients, allowing real estate companies to plan their energy costs for the long term while actively contributing to environmental protection," says Simon Szpyrka, Managing Director at Westbridge.

The four KLÉPIERRE shopping centers contracted by Westbridge with over 20 million visitors per year, are part of the network of around 100 shopping centers of the listed parent company KLÉPIERRE, which is headquartered in Paris. These shopping centers are large, inner-city integrated assets with direct links to the main shopping streets and close proximity to the respective main train stations. The well-known tenants in these properties include Galeria, Zara, H&M, C&A, JD Sports, Snipes, Saturn and Mediamarkt as well as local suppliers such as Aldi Süd, dm-drogerie markt and Müller.