As part of its corporate social responsibility, Supreme Ventures Racing and Entertainment Limited (SVREL) has invested heavily into an initiative that is expected to see the company make massive strides in energy conservation.

The company has ventured into a solar energy project which saw more than 3,000 solar panels installed at a cost of US$4 million. The project is slated to generate 1.6MW across three phases, which will significantly reduce the company’s carbon footprint.

SVREL took this initiative to reduce its role in contributing to the ever-increasing issue of global warming.

In its attempt to be more green and environmentally friendly, the company disclosed that funds being allocated for utility expenses will now be used for the maintenance of the solar panels until the system starts self-funding. As this initiative covers 90 per cent of its energy usage, it will provide the company with some cushion from the constant fluctuations in its energy prices.

According to Aldien Anderson, manager of Racetrack Operations, there is no expectation for generated savings after the initial installment. He did, however, hint at when the company expects to see a return on investment.

“The cost earmarked for the electricity will now shift from the utility company to paying for the solar project. The project is expected to pay for itself over a four-year period; thus, after this period, we expect to have major savings. The use of solar energy is an investment that shows customers that the company is environmentally conscious and committed to providing the best racing experience it possibly can,” he said.

As the company seeks to increase its efficiency, the decision was made to embark on this clean energy project. Lorna Gooden, general manager of SVREL, remains optimistic about the benefits of this initiative.

“Consistent, uninterrupted power is vital to our operation and, while we understand the technicalities, power outages can cost millions in lost revenue and potentially affect the health of the animals on the property. This investment is a massive one for the company as there will be a significant reduction in electricity expenses,” lamented Gooden.

The use of solar energy will reduce the company’s reliance on the national grid and, as such, it will be less vulnerable to power outages and will allow the company to maximise its productivity, thus enabling the company to save approximately $80 million in the long run.

SVREL continues to solidify its footprints in corporate Jamaica and urges other corporate entities to implement green energy solutions as part of their operations where possible.