Investment solutions company Novare, which has a substantial property portfolio in Africa, on August 1 announced a significant investment in rooftop photovoltaic (PV) panels as an eco-friendly and renewable energy source to curb carbon emissions across its African property portfolio and strengthen its sustainability drive.

The first phase of this solar project focuses on Matola Mall, one of Novare's retail properties in Mozambique, in collaboration with renewable energy company Enteria Moçambique.

The project includes the supply and installation of 777.84 kW PV panels and eight solar inverters, generating 1 159 042 kWh of sustainable energy yearly.

This clean energy solution is projected to save 5.48-million Mozambican meticals a year in energy costs and will help offset negative emissions stemming from backup diesel generators on site.

Novare notes that 13.5 t of carbon dioxide savings have already been realised in just one month of the system’s operation.

“This move aligns with the broader sustainability strategy for the property portfolio, which also includes ultimately obtaining Edge certification for all our properties, following the successful award of this prestigious green building certification for the Novare Great North Mall and Standard Chartered head office buildings in Lusaka, Zambia.

“This investment marks the first of its kind in Mozambique, making Novare a pioneer in implementing renewable energy solutions for commercial buildings on this scale in the country,” the company enthuses.

A licence was granted to upgrade the system to a total capacity of 2 500 kW, which will only be implemented as a second phase once an agreement has been reached with the electrical supply authority to receive credit for energy provided into the grid.

Novare plans to expand this green initiative to other African countries as part of an Africa-wide endeavour to enhance its property portfolio's environmental status.

The company states that the global real estate industry's substantial environmental impact – responsible for consuming over 40% of global energy and contributing 20% of global greenhouse gas emissions – necessitates urgent action to support the Paris climate conference's target of limiting global warming to within the 2 °C threshold.

Novare's rooftop PV project is a proactive response to actively managing the industry's negative impacts and promoting sustainability.

“At the core of Novare's corporate philosophy and growth strategy lies the understanding that effective growth cannot be achieved without a commitment to sustainable development. By prioritising energy and water efficiency and minimizing disruption to biodiversity during and after construction, the company has been successful in reducing operational costs while simultaneously enhancing property values.”

“We are excited about this solar investment in Mozambique, which paves the way for large-scale solar initiatives for the group across Africa. This move forms an integral part of our sustainability strategy.

“This strategy aims to significantly reduce the carbon footprint of our property portfolio and contribute to the global drive for net-zero emissions, ultimately working towards achieving the United Nations' Sustainable Development Goals,” says Novare chief environmental, social and governance and impact officer Lerato Kumalo.

Kumalo adds that, with this solar investment, Novare sets a powerful example for the African property industry, demonstrating how environmentally conscious decisions can foster competitiveness while contributing to a greener and more sustainable future for Africa.