Nuveen Real Estate, one of the largest real estate managers globally, announced it has partnered with Safari Energy to develop the company’s own solar resources. After pledging to make all existing and future assets carbon-neutral by 2040, Nuveen is targeting to offset 90% of its energy use with solar.
“Having a partner like Safari Energy supports our objective to embed ESG considerations in our investment decisions and business plans, making progress toward our net zero carbon milestones,” said Jessica Long, head of sustainability for U.S. real estate at Nuveen. “Our teams need to know quickly if there is an opportunity for solar during transaction underwriting and asset managers are looking for ways to engage potential tenants during lease negotiations. Safari provides us with the expertise and immediate feedback that is critical in the fast paced real estate investment process.”
Nuveen began working with Safari Energy in 2020, when more than 300 MW of solar potential was identified on its real property. Since then, Safari Energy has commenced two projects at Nuveen properties, including a rooftop solar system being built at an industrial facility in Nashville, Tennessee, and a hybrid solar + battery storage system being added to a property in Redlands, California.
Safari Energy takes a strategic and systematic approach to solar development. An initial property screening is conducted by Safari Energy’s proprietary artificial intelligence platform. This enables the team to identify ideal solar rooftop, parking lot, parking deck and ground-mounted opportunities.
Nuveen also has access to a bespoke technology platform that Safari Energy designed, integrating multiple systems and keeping various teams in sync on tasks. Safari Energy works directly with Nuveen’s asset managers and tenants to coordinate permits, construction schedules and project statuses.