WATT Renewable Company, an independently owned supplier of hybrid photo voltaic options, has secured $15 million in debt facility from the AFRIGREEN Debt Affect Fund.
WATT mentioned the debt facility shall be used to finance hybrid solar energy vegetation to serve industrial and industrial purchasers in Nigeria, notably within the telecommunication and monetary providers sectors.
For this transaction, AFRIGREEN is providing an area forex facility that matches the cost construction of the ability buy agreements.
This technique mitigates the forex danger for WATT within the occasion of devaluation of the Nigerian Naira.
WATT operates within the burgeoning renewable vitality market in Nigeria with different key gamers like Photo voltaic Depot Nigeria, Lumos Nigeria, Rubitec Photo voltaic, Inexperienced Village Electrical energy (GVE) Initiatives, Daystar Energy & Solynta Vitality, amongst others, which are making vital strides to resolve the nation’s vitality problem.
Rollout plans
Enabled by the brand new funding, the corporate mentioned its rollout plan consists of deploying tons of of hybrid solar energy websites nationwide to fulfill the rising vitality calls for of economic and industrial purchasers.
- The corporate mentioned the strategic growth aligns with its imaginative and prescient to revolutionize vitality entry throughout Africa, enabling sustainable improvement and decreasing reliance on fossil fuels.
- By integrating photo voltaic hybrid options, WATT goals to considerably cut back diesel consumption and CO2 emissions, enabling Nigerian corporations to realize substantial vitality price financial savings whereas selling environmental sustainability.
Demand for renewable vitality in Nigeria
Commenting on the funding, Managing Director of AFRIGREEN’s fund advisor, Alexandre Gilles, mentioned:
“We’re delighted to assist WATT in rolling out tons of of hybrid websites throughout the nation. This represents one other key transaction for AFRIGREEN in Nigeria.
“The mix of excessive vitality costs, good photo voltaic irradiation, and powerful demand from industrial and industrial vitality customers makes this market notably engaging for corporations like WATT.
“By leveraging these favorable market circumstances alongside WATT’s distinctive operational efficiency and a well-structured financing answer, we’re setting the stage for a robust and lasting enterprise partnership.”
Additionally talking, the Managing Director of WATT Renewable Company, Oluwole Eweje, mentioned partnering AFREGREEN would assist to broaden dependable and sustainable vitality options throughout Africa.
“With this assist, it allows us to speed up our shared mission of offering hybrid solar energy to companies, decreasing carbon emissions, and supporting financial progress whereas enhancing vitality safety for our purchasers,” he mentioned.
What it is best to know
The AFRIGREEN Sebt Affect Fund targeted on sustainable vitality options is backed by outstanding establishments together with the European Funding Bank (EIB), the Worldwide Finance Company (IFC), BIO, FMO, Proparco, Société Générale, and BNP Paribas.
The Fund provides financing options for industrial and industrial customers and public utilities in Africa, enabling their set up of on- and off-grid solar energy vegetation to assist cut back their vitality invoice in addition to their dependency on fossil gasoline.
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