Extra Space Self Storage of Asia Adds Solar Panels at 2 Facilities in Singapore

Extra Space Self Storage of Asia, a privately owned business, has added solar panels to two of its properties in Boon Keng and Kallang Way, Singapore. The operator is the first self-storage company in Singapore to use solar energy for some of its energy needs, according to a company press release. Extra Space partnered with LYS Energy, a Singapore-based independent power producer.

“As the discussions around sustainable energy come to the forefront in Singapore, it’s necessary for business leaders to incorporate ‘green’ strategies and move toward business models that prioritize sustainability,” said Extra Space CEO Kenneth Worsdale. “We’re pleased to be working with LYS Energy on our solar-panel initiatives for two of our facilities and reduce our carbon footprint. We hope to be a part of Singapore’s push for a more sustainable future.”

Expected to be operational this month, the solar-panel system will deliver an estimated 169 megawatt hours of clean energy annually, covering more than 10 percent of electricity consumption for the Boon Keng storage facility and 15 percent at the Kallang Way property. Both systems will offset 73 tons of carbon-dioxide emissions, according to the release.

“We are very pleased to support Extra Space in their efforts to make their business more environmentally friendly,” said Lionel Steinitz, CEO of LYS Energy. “As the first self-storage company in the country to utilize solar energy, Extra Space demonstrates that solar power can reduce pollution as well as operational costs. Our financing options empower businesses like Extra Space to go solar with no upfront capital investment and enjoy utility cost-savings over the long term.”

The initial project, which commenced in July 2015, is expected to be the first of more solar-panel projects for Extra Space. The Energy Market Authority, a statutory board under the Ministry of Trade and Industry of Singapore, reports the use of solar power in Singapore is on the rise and expected to increase in the next five years, the release stated.

Extra Space Asia opened its first self-storage location in Singapore in 2007 and now operates 26 facilities across Hong Kong, Malaysia, Singapore, South Korea and Taiwan. Its portfolio comprises more than 1.3 million square feet of storage space.

LYS Energy builds, owns and operates solar photovoltaic systems for commercial, industrial and public sites in the Asian-Pacific region. Through a power-purchase agreement, customers purchase the solar-generated electricity from LYS at tariffs lower than the prevailing utility tariff, according to the release.

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