WATT Renewable Corporation, an independently owned provider of hybrid solar solutions, has secured $13 million in funding from Empower New Energy.
The company said this significant investment will catalyze its efforts in advancing renewable energy solutions in Nigeria. The funding also 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.
As an indication that the renewable energy market in Nigeria has continued to gain traction, another competitor in the renewable market Auxano Solar, an indigenous solar solution provider company, recently launched a 100 megawatts (MW) automated Solar PV manufacturing plant after securing $2 million investment.
Increase in energy portfolio
WATT said the funding will enable it 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 towers in 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 of approximately 3,000,000 litres 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.
Service to telecom industry
Commenting on the fundraising, the Chief Executive Officer of WATT, Oluwole Eweje, said:
“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.”
Empower New Energy speaks
The investor, 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.
Speaking on its investment in WATT, the CEO of the company, Terje Osmundsen, said:
“We are thrilled to collaborate with WATT Renewable Corporation 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.”
WATT recently signed a deal with Airtel Nigeria to power some of its base stations with renewable energy.
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