Shopping center Olimpia invests 1.8 million euros in sustainability solutions and installs a powerful solar panel park on the roof of the building
Since 2020, the owner of the shopping center Olimpia is the private investment company Grinvest. The owner of Olimpia in cooperation with Swedbank attracted EUR 17.5 million in financing for the modernization works of the center, the implementation of the strategic goals for sustainability, and the liability refinancing. 8 million euros have been allocated for the renovation of the center, of which 1.8 million euros have been allocated to implement energy-efficient building management solutions, including the construction of a solar power plant, the introduction of LED lighting, the installation of electric car charging stations and the reconstruction of the roof.
"The location of the shopping center is right by one of the main streets of Riga and in the neighborhood of the student campus of Riga Technical University, making this complex of buildings a profitable investment. We appreciate the involvement of the company's management and the readiness to implement sustainable solutions, including the creation of a large solar panel park on the roof of the building, which reduces energy dependence and creates additional value for the property, as well as attracting new tenants for whom sustainability is an essential part for making a choice. We see that sustainable business is no longer the future, but the present, where every entrepreneur should look for opportunities to save resources and develop their business. It also opens up wider and more profitable financing opportunities, which results not from the formal compliance with sustainability criteria, but from our belief that sustainable ones will win the competition," says Jevgenijs Ivanovs, head of Swedbank's Corporate Administration.
A 4,059 square meter solar panel park is located on the roof of the shopping center
Shopping center's Olimpia sustainability strategy is based on several activities that the center has already implemented or plans to implement in the near future. One of the biggest projects is the transition to a renewable source of energy production, as a result, in cooperation with the energy company "AJ Power" and SIA DEVRE LV, Shopping center Olimpia has the largest solar panel park on the roof of all the shopping centers in Latvia. It’s planned to produce up to 696,230 kWh of green electricity annually.
In designing and planning the solar park on the roof of the shopping center, several factors were considered. Firstly, the electricity consumption of the shopping center Olimpia was evaluated in the context of the planned solar panel system in order to obtain the maximum return, as well as the most optimal solution was found, which ensures the maximum self-consumption of the produced electricity up to 97%. Secondly, the technical aspects were evaluated, such as the arrangement of solar panels on the roof and the connection possibilities of the solar power plant. Thirdly, the future development plans for the Shopping Centre "Olimpia" and their impact on the existing solar panel system were identified.
"When developing solar energy projects, the most suitable solution does not always lie in quantity, but mainly in quality. To find the most suitable solution for the client, we initially developed the technical and economic justification. It included the analysis of the building's energy consumption, the development, and evaluation of technical solutions, as well as the modeling of the productivity of the solar panel system (in several scenarios), and the calculations of the project's return. By developing the construction project and providing the necessary equipment, the project was prepared for further implementation, so that the desired results were achieved in accordance with the previously determined solution," comments Edmunds Astics, representative of the "AJ Power" group of energy companies.
Large shopping centers are energy-intensive buildings, consuming a significant amount of electricity during daylight hours, so installing solar panels is an appropriate solution to produce the necessary electricity as efficiently as possible. The energy produced by the solar panel system on the Olimpia roof will be used to cover the needs of the shopping center and ensure the technical operation of the building. In the future, using solar panel or green electricity, the shopping center Olimpia will reduce CO2 emissions by 86.46 tons.
"Climate change is currently a big threat to Europe and the whole world, so we also choose to follow the recommendations of the Green Course in our activities. SIA DEVRE LV highly appreciates the initiative of shopping center Olimpia to stand up for sustainable solutions to jointly reduce the threat of climate change. We are proud that our company is part of this project, and we can help entrepreneurs to implement them. The implemented project is impressive. We have installed solar panels with a total power of 837 kW on the top of the shopping center Olimpia, and it’s currently the largest solar panel park on the roof of a shopping mall In Latvia. Following the news in the field of solar energy, the most modern technologies were also used, such as the ESDEC solution of the Dutch manufacturer with a 20-year warranty, which significantly reduces the load on the roof compared to competitors," says Deniss Vrevskis, member of the Board of SIA DEVRE LV.
Olimpia saves almost one hundred tons of CO2 with its green initiatives
The largest investments are tied to the repair and restoration of common areas on both floors of the shopping center. The reconstruction of the second floor started in 2021, while the entire renovation was completed in the spring of 2023. Thinking about the most sustainable solution, during the reconstruction process, the greatest emphasis was placed on the repairs of the existing structures and equipment, rather than their replacement, for example, the structures of the entrance node and the facade were repaired and repainted, rather than changed to new ones.
In addition to visible improvements in the premises and facade of the building, the energy efficiency of the shopping center Olimpia has also been significantly optimized. The roof repairs have reduced the heating factor of the building, as well as a membrane has been applied to all the roof glasses, which reduces overhead light by 80% and reduces air conditioning costs in the hot summer months. To minimize the consumption of electricity in all rooms, including the parking lot, LED lighting was introduced, with the intended reduction of primary energy reaching 286.95 MWh per year, reducing 12.51 tons of CO2 emissions. Thinking about a person's individual impact on the environment, there is an opportunity to sort waste, conveniently drive up and park your bicycle, as well as charge your electric car.
"As one of the first shopping centers in Riga, we are aware of our impact on the environment, so the energy efficiency activities we have implemented together with the modernization works of the shopping center are a particularly important investment in our long-term development. We plan that the installed solar panel park could cover 15% of the total electricity consumption of the shopping center Olimpia. We have been actively working to implement several sustainability initiatives, which is why we chose to restore existing structures instead of building new ones for the renovation of the center, which allowed us to significantly reduce our ecological footprint. In the future, Olimpia will also purposefully monitor its impact on the environment and think about additional activities to implement for making the center greener, such as placing beehives on the roof of the building and water taps in the territory of the shopping center," says the shopping centers Olimpia manager, SIA Real Invest board member Liene Apine, about sustainability initiatives in the centers operations.
