Lagos and Paris , 14 December 2023. Echosys Invest – a joint venture between RGREEN INVEST and Echosys Advisory – and WATT Renewable Corporation (WATT), an independently-owned provider of hybrid solar solutions, announce a framework agreement to enter into a USD 20 million credit deal to finance WATT’s Nigerian power plants . The funds will be made available by AFRIGREEN Debt Impact Fund SLP to WATT’s Nigerian subsidiary, First Watt Renewable .
The agreement was signed in the presence of His Excellency the Minister for Foreign Trade, Economic Attractiveness and French Nationals Abroad, Olivier Becht, and Her Excellency Ambassador of France to Nigeria, Emmanuelle Blatmann, during the Economic Summit of the Franco-Nigerian Chamber of Commerce which was held in Lagos on November 23, 2023.
The funds will be used to finance the hybrid solar power plants to be built and operated by First Watt Renewable for its commercial and industrial clients in Nigeria, in particular in the telecommunication and the financial service sectors.
Sherisse Alexandar, Chief Business Officer, WATT, commented : “We are incredibly excited to announce this new agreement with AFRIGREEN Debt Impact Fund. This deal will supercharge our plans to develop the solar hybrid solutions needed to unlock the economic potential of Nigeria, and deliver the clean, reliable power so many businesses demand. AFRIGREEN’s track record in supporting African solar technology projects made this agreement an easy decision, and we cannot wait to see what this partnership can unlock.”
ABOUT WATT RENEWABLE CORPORATION
WATT Renewable Corporation (WATT) is an independently owned sustainable development company delivering hybrid solar solutions with social impact to telcos, mobile network operators, financial service providers and C&I businesses in Africa.
Through its turnkey sustainable Energy-as-a-Service model, it increases power reliability to 99.9% while providing local communities access to a sustainable source of power, improving business energy security, reducing costs and carbon emissions and supporting economic and social development to achieve a just transition.
ABOUT AFRIGREEN DEBT IMPACT SLP (THE FUND)
AFRIGREEN DEBT IMPACT FUND is an infrastructure senior debt fund that offers financing solutions for commercial & industrial (C&I) consumers in Africa, enabling their installation of on-and off-grid solar power plants to help reduce their energy bill as well as their diesel dependency.
AFRIGREEN DEBT IMPACT FUND is a French limited partnership funded by the European Investment Bank (EIB), the World Bank Group’s International Finance Corporation, the Belgian Investment Company for Developing Countries (BIO), Proparco (Groupe Agence française de développement), Société Générale and BNP Paribas.
AFRIGREEN DEBT IMPACT FUND was set up by a team of experts with strong industry expertise. AFRIGREEN DEBT IMPACT FUND is jointly managed by RGREEN INVEST (a French regulated Investment Manager) and ECHOSYS INVEST (a joint subsidiary of RGREEN INVEST and ECHOSYS ADVISORY).
AFRIGREEN DEBT IMPACT FUND applies IFC Performance Standards and EIB Environmental & Social Standards. The Fund follows an environmental and social management system under which all projects are audited to assess positive and negative impacts in terms of environmental and social aspects.
AFRIGREEN DEBT IMPACT FUND pays specific attention to the risk of forced labour being used in the production of solar photovoltaic panels and their components. It condemns the use of such forced labour for the production of solar photovoltaic panels or their components.
ABOUT ECHOSYS INVEST (THE FUND ADVISOR)
ECHOSYS INVEST, a 50/50 joint venture between RGREEN INVEST and ECHOSYS ADVISORY, was created in 2021 as the AFRIGREEN fund advisor designed to manage and structure the AFRIGREEN DEBT IMPACT FUND investment strategy and to focus on Africa’s energy transition, and more specifically to bolster solar penetration across the Sub-Saharan region.
ABOUT RGREEN INVEST (THE FUND MANAGER)
RGREEN INVEST is an independent, mission-driven and B Corp Certified investment management company founded in Paris in 2013. The company has a proven track record of investing in and financing infrastructure projects that power our energy transition, climate change mitigation and adaptation. With 40+ experienced professionals whose expertise spans fund management, investment banking and renewable energy, RGREEN INVEST has one of the most comprehensive teams of specialists in Europe. The company pays careful attention to sustainability and incorporates robust ESG principles in its investment criteria. With more than €2 billion in assets under management, RGREEN INVEST contributes to financing projects in Europe and abroad equivalent to more than 4.7 GW of total installed capacity, helping to avoid, along with other financing sources, nearly 844,000 tons of CO2e estimated emissions in 2021*.
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