Empower New Energy has invested $13 million in WATT Renewable Corporation, a privately held hybrid solar solutions supplier.
The Times reported that the business asserted that this sizeable investment will spur its efforts to advance renewable energy options in Nigeria. The funding also represents Empower New Energy’s biggest investment to date.
Hybrid solar energy solutions are WATT’s area of expertise, and the company is committed to lowering carbon footprint through cutting-edge technologies.
Another competitor in the renewable energy market, Auxano Solar, an indigenous solar solution provider company, recently launched a 100 megawatt automated Solar PV manufacturing plant after securing $2 million in investment.
This is evidence that the market for renewable energy in Nigeria has continued to gain traction.
With the help of end-to-end services and the management of towers in Nigeria, WATT claimed the money will allow it to expand its portfolio of renewable energy sources, adding an astonishing 8MW of installed generating capacity and 14.3MWh of storage capacity.
This is expected to have a significant effect on the region’s access to and dependability of clean energy.
According to estimates, the financing will enable a yearly decrease in diesel usage of roughly 3,000,000 litres, avoiding nearly 7,039 metric tonnes of CO2 emissions.
This is in line with international efforts to tackle climate change and constitutes a big step towards a cleaner, greener world.
The Chief Executive Officer of WATT, Oluwole Eweje, commented on the funding saying, “Empower New Energy’s trust and assistance will be crucial in advancing our cause, and we are incredibly appreciative of them. With this support, we are in a strong position to keep providing dependable, environmentally friendly energy solutions to the telecoms sector.”
“WATT is eager to start this transforming journey with Empower New Energy’s assistance. Together, we can hasten the switch to sustainable energy, which would help not just Nigeria but the entire region.
Empower New Energy, the investor collaborates closely with project development partners and has developed a solid pipeline of energy projects across 12 countries in Africa, including Ghana, Nigeria, Egypt, and Morocco, with projects including on- and off-grid solar PV projects.
The company’s CEO, Terje Osmundsen, commented on its investment in WATT saying, “We are happy to work with WATT Renewable Corporation to supply communities and telecom towers in Nigeria with electricity.
“This investment will enable them to increase their efforts in assisting enterprises and stimulating the growth of communities, especially in rural areas, given their extensive experience and several current initiatives in the country.
“The outstanding job WATT has done thus far has tremendously impressed us, and this investment will surely help them maintain their significant and revolutionary influence.”
Recently, WATT and Airtel Nigeria agreed to work together to use renewable energy to power some of the company’s base stations.
