General Growth Properties Inc. (GGP) is a real estate investment trust (REIT) that specializes in the ownership, management, and development of regional malls in the United States of America. The company was founded in 1954 and is headquartered in Chicago, Illinois. GGP operates in the Regional Mall REIT sector, which is a subset of the broader real estate industry. The company's portfolio consists of 125 regional malls in 40 states, totaling approximately 125 million square feet of retail space.
GGP is committed to sustainability and has taken several steps to reduce its environmental impact. The company has set a goal of reducing its greenhouse gas emissions by 50% by 2030, in line with the Paris Agreement on climate change. To achieve this goal, GGP is focusing on decarbonisation, which involves reducing its reliance on fossil fuels and transitioning to renewable energy sources.
One of the ways that GGP is reducing its carbon footprint is through corporate energy initiatives. The company has implemented energy-efficient lighting and HVAC systems in its malls, which has resulted in significant energy savings. GGP has also partnered with energy service companies to conduct energy audits and identify additional areas for energy savings.
Another key component of GGP's sustainability strategy is corporate power purchase agreements (PPAs). A PPA is a contract between a renewable energy developer and a corporate buyer, in which the buyer agrees to purchase a certain amount of renewable energy from the developer over a set period of time. PPAs enable companies like GGP to access renewable energy at a fixed price, which can help to reduce energy costs and provide price stability.
GGP has signed several corporate PPAs for renewable energy. In 2017, the company signed a 20-year PPA for 120 megawatts of wind power from the Prairie Breeze II Wind Energy Center in Nebraska. The wind power will supply approximately 50% of the energy needs of GGP's malls in Illinois, Indiana, and Ohio. The PPA is expected to reduce GGP's greenhouse gas emissions by approximately 50,000 metric tons per year.
In addition to wind power, GGP has also signed a PPA for solar power. In 2018, the company signed a 20-year PPA for 60 megawatts of solar power from the Midway III Solar Project in Georgia. The solar power will supply approximately 25% of the energy needs of GGP's malls in Georgia, North Carolina, and South Carolina. The PPA is expected to reduce GGP's greenhouse gas emissions by approximately 30,000 metric tons per year.
GGP's commitment to renewable energy and sustainability has been recognized by several organizations. The company has been included in the Dow Jones Sustainability Index North America for six consecutive years, and has been named a Green Lease Leader by the Institute for Market Transformation and the Department of Energy's Better Buildings Alliance.
In conclusion, General Growth Properties Inc. is a leading real estate investment trust that specializes in the ownership, management, and development of regional malls in the United States of America. The company is committed to sustainability and has taken several steps to reduce its environmental impact, including decarbonisation, corporate energy initiatives, and corporate power purchase agreements for renewable energy. GGP's commitment to sustainability has been recognized by several organizations, and the company is well-positioned to continue to lead the way in sustainable real estate development.