The Founder, CVE, Kennedy Okonkwo, stated that the move is part of efforts to curb climate change and ensure zero emissions in the environment.
Okonkwo said this at the launch of its CVE 2.0, the first estate in Nigeria to run fully on solar energy and the firm’s one-year anniversary in Lagos.
He emphasised the firm’s dedication to building sustainable housing, adding that the initiative was born out of a crisis fostered by the COVID-19 Pandemic and in response to the rising cost of diesel.
According to him, this increase has led to various challenges in housing estates, where residents are constantly having meetings with facility managers.
“Power was sold at N70 per kilowatt-hour (kWh), today most estates are selling at N280 pkWh, which is highly unsustainable. As inflation is increasing within Nigeria and globally, the pockets of individuals are being drained because people need the energy to power their homes and it becomes expensive. So, we decided to make living affordable for people. So for us, affordability is built into how the estate is maintained and sustained and the way to go is renewable energy, “ he said.
He said each of the estates is fitted with a Compressed Natural Gas (CNG) turbine that comes in handy when there is low solar energy due to rainfall and the firm has signed a long-term contract with a solar supplier to ensure the systems are durable.
Okonkwo added that the target subscribers for the estate are young urban professionals and those of the middle class.
To give back to society, he said through the firm’s foundation, pet bottles are gathered from various estates and exchanged for money.
“For instance, where they have been able to pick 2kilogrammme of renewable plastic, we sell those materials to agencies that recycle and our company matches the amount, with the same amount it is sold for. In return, we use the money to provide books for schools in low-income communities. For each N100, 000 that is recovered from recycling,” he said.
