02-10-2023: In a remarkable stride towards a sustainable future, WATT Renewable Corporation (WATT), an independently-owned provider of hybrid solar solutions, is delighted to announce it has secured $13 million USD in funding from Empower New Energy. This significant investment will catalyze the company’s efforts in advancing renewable energy solutions and fortify its position as a leading provider of clean energy in Nigeria. This funding marks the largest investment to date for Empower New Energy.
WATT specializes in hybrid solar energy solutions and is dedicated to reducing carbon footprint through innovative technologies. The funding will enable WATT to enhance its renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towersin Nigeria. This is set to make a substantial impact on the availability and reliability of clean energy in the region.
The funding is estimated to support the reduction ofapproximately 3,000,000 liters of diesel consumption per year, which translates to about 7 039 metric tons of CO2 emissions avoided annually. This represents a significant step towards a cleaner and greener environment, aligning with global efforts to combat climate change.
Oluwole Eweje, Chief Executive Officer of WATT, commented: “This funding injection will play a pivotal role in furthering our mission, and we are immensely grateful to Empower New Energy for their trust and support. With this funding, we are well-positioned to continue serving the telecoms industry with reliable, sustainable energy solutions.
“WATT is excited to embark on this transformative journey with the support of Empower New Energy. Together, we will accelerate the transition to clean energy sources, benefiting not only Nigeria but the entire region.”
As well as supporting businesses operating in the telecommunications and financial services sectors, WATT is committed to providing sustainable economic development in emerging communities through its projects. Plans include a commitment to hire more local talent through the addition of 100 new direct and indirect job opportunities. By fostering skills and expertise within the Nigerian workforce, WATTaims to contribute to the country’s socio-economic growth and technological advancement.
Empower New Energy works closely with project development partners and has built a strong 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.
Terje Osmundsen, CEO at Empower New Energy added: “We are thrilled to collaborate with WATT RenewableCorporation to provide electricity to telecom towers and communities in Nigeria. With their substantial experience and numerous ongoing projects in the country, this investment will empower them to expand their efforts in supporting businesses and fostering the growth of communities, especially in remote regions. We are truly impressed with the remarkable work WATT has accomplished thus far, and this investment will undoubtedly enable them to sustain their significant and transformative impact.”
About WATT Renewables Corporation
WATT Renewable Corporation 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 Empower New Energy
Established in 2017, Empower New Energy is a renewable energy financier and co-developer that finances, builds and owns clean power plants for commercial, industrial and agricultural energy users. An award-winning investment platform, we’re pioneering the market for impact investments in the C&I space in Africa. Our mission is to bridge the financing gap that currently impedes the deployment of renewable energy in developing countries, with a vision of a world empowered by clean, affordable and reliable energy.
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