Novare, an investment solutions company with a significant property portfolio in Africa, has made a noteworthy move towards sustainable energy solutions.
On August 1, the company announced a substantial investment in rooftop photovoltaic (PV) panels to reduce carbon emissions across its African properties and strengthen its commitment to sustainability.
The solar project’s first phase focuses on Matola Mall, Novare’s retail properties situated in Mozambique, in partnership with Enteria Moçambique, a renewable energy company. The project involves the supply and installation of 777.84 kW PV panels and eight solar inverters, generating 1,159,042 kWh of sustainable energy annually.
Notably, this clean energy solution is projected to save 5.48 million Mozambican meticals per year in energy costs and help offset negative emissions from backup diesel generators on-site. In just one month of operation, the system has already resulted in 13.5 tons of carbon dioxide savings.
Novare emphasizes that this move aligns with its broader sustainability strategy for the property portfolio, which aims to achieve Edge certification for all its properties.
With a license granted to upgrade the system to a total capacity of 2,500 kW, Novare is committed to expanding this green initiative to other African countries.
The company recognizes the significant environmental impact of the global real estate industry and aims to actively manage negative impacts and promote sustainability.
Lerato Kumalo, Novare’s Chief Environmental, Social, and Governance and Impact Officer, highlights the company’s dedication to sustainable development and reducing its carbon footprint. The solar investment in Mozambique serves as a trailblazing example for the African property industry, demonstrating how environmentally conscious decisions can foster competitiveness and contribute to a greener and more sustainable future for Africa.