Property consultancy Knight Frank has handed utility Total Gas and Power a renewable power contract worth more than £75 million.
The new deal will see Knight Frank procure only 100% renewable power for its properties under management, which Total Gas and Power will provide for until 2021.
The two companies expect that the properties will use more than 360GWh of power in that time, equivalent to a cost of more than £75 million.
While the precise details of the contract are unclear, the above figures would place an average cost of the electricity at around 4.8p/kWh, far below the average cost of power in the UK.
Knight Frank also said the commitment would lead to a reduction of more than 100,000 tonnes of CO2 over the course of the contract.
“Alongside our initiatives to drive energy and resource efficiency in the buildings that we manage, procuring our power from renewable sources is a visible and meaningful commitment to responsible property asset management.
“This procurement is wholly supported by our clients and occupiers and is a clear example of us playing our role in reducing the substantial carbon emissions associated with the UK commercial real estate sector each year,” David Goatman, partner and head of energy and sustainability EMEA at Knight Frank, said.