WATT Renewable Corporation, specialising in hybrid solar solutions, has raised US$13 million from Empower New Energy. The capital will support WATT’s commitment to advancing renewable energy solutions and solidify its prominent position as a leading provider of clean energy in Nigeria. Remarkably, this funding marks the largest investment Empower New Energy has made to date.
WATT is dedicated to reducing carbon footprint through innovative technologies. The funding will enable WATT to expand its renewable energy portfolio by adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through comprehensive end-to-end services and the operation of towers across Nigeria. This expansion will significantly improve the availability and reliability of clean energy in the region.
The funding is estimated to support the reduction ofapproximately 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.
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.”
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.”