A Nigerian Renewable Energy Firm, WATT Secures $13M Fund
The Nigerian hybrid solar system supplier WATT Renewable Corporation (WATT) has raised US$13 million to expand its operations.
The US$13 million in funding came from Empower New Energy, a lender and partner in the development of renewable energy.
For the needs of commercial, industrial, and agricultural energy users, Empower New Energy finances, builds, and owns sustainable power facilities. The largest investment to date by Empower, it would enable WATT to expand its renewable energy portfolio with the addition of an astounding 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and the operation of towers in Nigeria.
WATT delivers hybrid solar solutions with a social impact to mobile network carriers, financial service providers, and C&I businesses in Africa. Due to its turnkey sustainable energy-as-a-service methodology, it increases electricity dependability to 99.9% while providing nearby communities with access to a sustainable source of power.
“Empower New Energy’s trust and assistance will be crucial in advancing our cause, and we are incredibly appreciative of them. Oluwole Eweje, CEO of WATT, said, “With this finance, we are well-positioned to continue providing the telecoms industry with dependable, sustainable energy solutions.
The company will use the additional funding to accelerate its efforts to advance renewable energy solutions and solidify its position as Nigeria’s leading supplier of clean energy.
