BlackbitEnergy Limited has signed an agreement with Total Nigeria for the distributorship of its solar power solutions.
Oil companies have recently diversified into renewable energy solutions, as crude oil consumption reduces.
Forte Oil recently announced plans to launch its own solar power solutions by September this year.
Potential synergy
For Total Nigeria, the distributorship agreement enables it to leverage on Blackbit’s experience and network in the renewable energy space.
Total Nigeria is marketing the solar products through Total Solar Solutions a joint venture between Total SA its parent company and Sun Power, one of the top 5 solar companies in the world.
By joining forces both companies will expect to see an uptick in the adoption of renewable powered products in Nigeria. Blackbit also has the opportunity to distribute a truly known brand and could leverage on the quality and brand name of Total to solidify a distribution value chain for renewable.
About Total and Blackbit
Total Nigeria was established in 1956, and is one of Nigeria’s major petroleum marketers with over 500 filling stations. Total shares closed at N270 today on the Nigerian Stock Exchange (NSE), down 9.71% year to date.
Blackbit Limited is an Infrastructure Finance and Advisory Firm founded in 2013 and regulated by the Securities and Exchange Commission.
Its affiliate, Blackbit Energy Limited is the renewable energy arm of the company with core focus on solar and hydro-power.
Sun Power, an American energy firm that designs solar panels, was founded in 1985. Total acquired a 60% stake in the firm for $1.38 billion in April 2011. The company trades on the NASDAQ exchange in the USA.