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CapitaLand Investment (CLI) has adopted ‘Cooling as a Service’ (Caas) for three of its largest Singapore assets.

The Singaporean investment manager will adopt CaaS systems in Raffles City Singapore (above), Plaza Singapura and The Atrium@Orchard.  The cooling systems will cover 4.8 million sq ft of gross floor area across the three properties, which are owned by CapitaLand Integrated Commercial Trust.

The 15-year CaaS contracts for Raffles City Singapore were awarded to Keppel DHCS, and for Plaza Singapura and The Atrium@Orchard to ENGIE South East Asia. 

CLI expects to reduce energy consumption at these assets by more than 30% over the period and to be able to upgrade their green certifications. 

Under the 15-year performance guaranteed contracts, Keppel and ENGIE will provide chilled water and air-conditioning to the mixed-use and retail properties.  CLI’s partners are fully responsible for the design, build, operations, maintenance, repairs and upgrades to the cooling system.  

Chris Chong, CEO, retail & workspace (Singapore & Malaysia), at CLI said: “Sustainability is at the heart of everything that we do at CLI, and we remain dedicated to contributing to the environmental well-being of the communities we operate in. We review and adopt innovative systems as well as business models to ensure that our properties run optimally and meet the evolving needs of our tenants and stakeholders.”

Proptech firm Parity has raised $19m of new funding to expand its heating, ventilation, and air conditioning (HVAC) efficiency offering.

The Toronto-based firm, which provides ‘HVAC Optimisation as a Service' for multifamily buildings and hotels raised the Series B funding from Idealist Capital, Canadian venture capital company.

The capital will be used to extend Parity’s US operations and move into new sectors, including senior and student housing. Parity claims that, in multifamily buildings, nearly a third of energy consumption by HVAC systems is wasted.

Brad Pilgrim, founder & CEO of Parity said: “Utility rates continue to rise and so do demands for buildings to interact with the grid in new and more complex ways.  HVAC systems consume over half of the energy used in multifamily buildings, making them a necessary component to solving these issues. 

“This funding allows us to continue helping owners and operators improve operational efficiency, expand operations across the US, and increase our product functionality, benefiting environmental goals, as well as our customers' bottom lines.”

Parity limits energy waste by remotely operating existing heating, ventilation, and cooling systems in real time. The company says it has energy savings across more than 65 million square feet of multifamily and hospitality real estate.