Sirma Group Holding is committed to promoting sustainability and has co-founded the Green Finance and Energy Center in Bulgaria with the Bulgarian Stock Exchange and the Bulgarian Independent Energy Exchange. The centre aims to develop policies, promote ESG practices, and lead public debate on sustainable finance and energy in the Balkan region. In this article, Stanislav Tahushev, Investor Relations Director, talks about Sirma Group Holding’s latest ESG initiative.
As a leading provider of IT services and solutions, Sirma relies heavily on electrical energy. Therefore, the company has implemented a policy to efficiently use electricity. Its headquarters building is equipped with state-of-the-art heating and cooling systems, and Sirma’s data centre has been certified under ISO 50001 for its optimal energy-saving practices. All Sirma offices are dedicated to energy conservation and the efficient use of resources.
Sustainability is a core value that is deeply ingrained in all of Sirma’s operations and development. In line with this goal, the company has recently taken a major step towards reducing its carbon footprint by implementing a photovoltaic system. This system was launched at the end of Q3 in 2023 and marks the beginning of a new era of clean energy for Sirma. Through this initiative, the company aims to use resources efficiently and minimize its impact on the environment.
In early 2023, the Board of Directors of Sirma Group Holding decided to utilize two previously unutilized resources: the roof of the HO building in Sofia and the strong solar-energy potential of Bulgaria. The country receives approximately 2,400 sunny hours per year, making solar power an ideal renewable energy source for the country. Following Sirma’s Sustainability Policy, it was decided to install a photovoltaic system on the roof of Sirma’s main building.
Sirma benefits in three ways from the decision to install a photovoltaic system. Firstly, it uses the available unused space to harness the power of the sun. This is a significant milestone in Sirma’s sustainable journey and helps reduce greenhouse gas emissions from its activities. Secondly, by generating power on-site, the company reduces its dependence on traditional carbon-based energy sources and minimizes the risks associated with them, including potential power outages. Lastly, by utilizing the sun’s power, Sirma reduces the cost of its primary activity, improving its bottom line.
Sirma’s photovoltaic system consists of 139 Longi 580W panels and 2 Huawei SUN2000-40KTL inverters. Considering the building remains relatively empty at night, no additional batteries were purchased. This, of course, only decreases the carbon footprint of the system. During the first 3 months of exploitation, it produced a remarkable 17.34 MWh of electricity. This represents 23.51% of the energy consumption during these first months of exploitation. Sirma’s photovoltaic system has been planned to produce up to 30% of the building’s consumption needs. This should be the case in 2024 with a full year of photovoltaic system operation (eliminating the seasonal fluctuations). Under the current electricity prices, this investment made by Sirma will break even in under 3 years!
Sustainability does not need to come at the price of reduced growth and profits. On the contrary, sustainability reduces risks and costs for the company. We fully realize this at Sirma.
Tsvetan Trenchev, COO of Sirma Group Holding JSC
Mr. Tanushev also added, that implementing a photovoltaic system is a clear indication of Sirma’s commitment towards environmental responsibility. Solar power is a sustainable and renewable energy source and by utilizing it, Sirma is making a positive contribution to the environment while reducing its dependency on non-renewable energy sources. This initiative aligns the group with the best environmental practices and highlights Sirma’s dedication towards being a socially responsible corporate entity that promotes sustainability.
Sirma’s photovoltaic initiative is all about generating clean and renewable energy while setting an example for others in the industry. As a pioneer in adopting green technologies, Sirma aims to inspire and motivate other companies in the Bulgarian IT sector to embrace sustainable practices. The company hopes to contribute to a broader movement towards a greener and more sustainable future for businesses worldwide by showcasing the economic viability and environmental benefits of on-site renewable energy generation.
As the company continues to explore innovative ways to minimize its environmental impact, the photovoltaic system stands as a shining example of Sirma’s commitment to sustainability in the modern business landscape.