06 Jun Soneva Makes Strides with Solar Energy
Soneva Fushi and Soneva Jani target 50 percent of energy being derived from solar power in 2024
Soneva, the award-winning sustainable luxury resort operator, is making significant strides in its commitment to renewable energy, with a focus on solar energy in the Maldives. For 2024, both Soneva Fushi in the Baa Atoll and Soneva Jani in the Noonu Atoll have targeted close to 50 percent of their energy needs to be generated from photovoltaic (PV) sources, thanks to the addition of new PV installations. Previously, the PV system at Soneva Fushi had supplied around 12 percent of the resort’s energy load.
Soneva has been able to expand its development of solar power based on the USD 10 million funding provided by German-headquartered Aareal Bank in December 2022. This has seen Soneva Fushi’s solar installations total 2.55MWp (megawatt peak) of power and 2.7 MWh (megawatt hours) of battery capacity, while at Soneva Jani, the installations total 2.75 MWp of power and 2.0MWh of battery capacity.
Pioneering sustainability in the luxury hospitality industry since 1995, Soneva is leading the hospitality sector’s transition towards a zero-carbon future, with aims to achieve fully carbon-free operations across its Maldives resorts.
“Our investment in solar energy demonstrates our commitment to sustainability at the same time as contributing positively to our bottom line,” says Bruce Bromley, Chief Financial Officer and Deputy CEO at Soneva. “Embracing solar power on such a significant scale has substantially reduced our carbon footprint and demonstrates what is possible in the hospitality industry. The invaluable support from Aareal Bank has paved the way for integrating our energy systems with other renewable technologies, propelling us closer to our goal of achieving fossil fuel-free operations.”
To better harness the full potential of solar energy, Soneva is already exploring the potential of installing floating solar panels in the ocean surrounding its island resorts, in addition to new land-based locations. For example, the new Soneva Secret 2024 resort, located in the Maldives’ remote Haa Dhaalu Atoll, is implementing floating solar panels, which are projected to cover nearly 90 percent of the resort’s energy load. The resort also features an integrated ice storage system for air conditioning, setting a new standard for a higher penetration of renewable energy.
Soneva is also further expanding its existing sustainability strategies, such as rainwater harvesting and load shifting, to maximise the utilisation of renewables, while assessing alternative storage technologies to further enhance energy usage. These include flow batteries that offer longer lifespans and the capacity to store substantial amounts of energy, and thermal storage to sustain and regulate renewable heat.
“The financial sector plays a decisive role in the transition of the property sector toward a carbon-free future. At Aareal Bank, we are embracing this responsibility. It gives us great satisfaction to witness our joint efforts bearing fruits and contributing to sustainable development on multiple fronts,” states Thomas Adaemmer, Managing Director and Head of Asia-Pacific at Aareal Bank.
For more information about Soneva, visit www.soneva.com
For more information about Aareal Bank, visit www.aareal-bank.com
About Soneva
Founded in 1995, Soneva is an award-winning sustainable luxury resorts operator. At Soneva Fushi, Soneva Jani and the Soneva in Aqua yacht in the Maldives, and Soneva Kiri in Thailand, true ‘luxury’ is defined by peace, time and space. Guests discover the SLOW LIFE, reconnecting with themselves and the natural world through rare, unforgettable experiences. Soneva is a pioneer for responsible tourism, combining sustainability with exquisite luxury and intuitive, personalised service. Carbon neutral since 2012, Soneva launched its Total Impact Assessment to measure its social and environmental impact in 2016 – a first for the hospitality industry. A 2% environmental levy is added to every Soneva stay, with proceeds going towards the not-for-profit Soneva Foundation to offset carbon emissions and fund purposeful international projects.
About Aareal Bank Group
Aareal Bank Group, headquartered in Wiesbaden, is a leading international property specialist. The Bank uses its expertise to identify trends, challenges and opportunities at an early stage, and to exploit them for the benefit of its stakeholders. Aareal Bank Group provides smart financings, software products, and digital solutions for the property sector and related industries, and is present across three continents, Europe, North America and the Asia/Pacific region. Aareal Bank Group’s business strategy focuses on sustainable business success, with environmental, social and governance (ESG) aspects as an integral part of this strategy.
Aareal Bank AG comprises the business segments Structured Property Financing, Banking & Digital Solutions, and Aareon. The Structured Property Financing segment encompasses all of Aareal Bank Group’s property financing and funding activities. Here, the Bank supports its clients in making large-volume commercial property investments. The investment properties mostly comprise office buildings, hotels, shopping centres, logistics and residential property, as well as student apartments. In the Banking & Digital Solutions segment, Aareal Bank Group supports businesses from the housing, property management and energy industries as a digitalisation partner – combining extensive advisory services and product solutions with traditional corporate banking services and deposit-taking. Its subsidiary Aareon, Europe’s trusted provider of SaaS solutions for the property industry, represents the third business segment. Committed to connecting people, process, and property, Aareon brings the ecosystem closer together. Aareon’s Property Management System promotes efficient property management and maintenance, enabling superior digital experiences for everyone involved.