WATT Secures $13 Million Investment for Renewable Energy Advancement in Nigeria

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From Our Correspondent

In a bid to boost Nigeria’s renewable energy sector, WATT Renewable Corporation, a leading provider of hybrid solar solutions, has successfully secured a significant $13 million investment from Empower New Energy.

This infusion of capital marks a historic moment for Empower New Energy, as it embarks on its largest investment to date, poised to accelerate WATT’s mission to advance renewable energy solutions across Nigeria.

With this $13 million investment, WATT is gearing up to expand its renewable energy portfolio considerably. The expansion includes the addition of an impressive 8 megawatts (MW) of installed generating capacity and 14.3 megawatt-hours (MWh) of storage capacity.

These expansions will be accomplished through comprehensive end-to-end services and tower operations across Nigeria, promising to significantly enhance the availability and reliability of clean energy in the region.

Furthermore, this funding is anticipated to contribute significantly to the reduction of approximately 3,000,000 liters of diesel consumption per year. This substantial reduction translates to avoiding roughly 7,039 metric tons of CO2 emissions annually, aligning closely with global initiatives to combat climate change and foster a cleaner and more sustainable environment.

Oluwole Eweje, Chief Executive Officer of WATT, expressed deep gratitude to Empower New Energy, stating, “This funding injection will play a pivotal role in advancing our mission, and we extend our heartfelt appreciation to Empower New Energy for their trust and support. With this funding, we are well-positioned to continue serving the telecoms industry with reliable and sustainable energy solutions. WATT eagerly embarks on this transformative journey with the backing of Empower New Energy, propelling us towards the accelerated adoption of clean energy sources that will benefit not only Nigeria but the entire region.”

WATT specializes in innovative hybrid solar energy solutions and maintains a steadfast commitment to reducing the carbon footprint through cutting-edge technologies.

As the renewable energy market in Nigeria continues to gain momentum, competitors such as Auxano Solar have also been making significant strides. Recently, Auxano Solar launched a 100-megawatt automated Solar PV manufacturing plant following a $2 million investment.

Empower New Energy, renowned for its close collaborations with project development partners, maintains a robust pipeline of energy projects across 12 African countries, including Ghana, Nigeria, Egypt, and Morocco. These projects encompass both on- and off-grid solar PV endeavors.

Terje Osmundsen, CEO of Empower New Energy, expressed enthusiasm about their investment in WATT, stating, “We are thrilled to collaborate with WATT Renewable Corporation to provide electricity to telecom towers and communities in Nigeria. With their extensive experience and numerous ongoing projects in the country, this investment empowers them to expand their efforts in supporting businesses and fostering community growth, especially in remote regions. We are genuinely impressed with the remarkable work accomplished by WATT thus far, and this investment will undoubtedly enable them to sustain their significant and transformative impact.”

Recall that WATT recently formed a partnership with Airtel Nigeria to power some of its base stations with renewable energy, further solidifying its position as a key player in Nigeria’s renewable energy landscape. Empower New Energy’s investment represents a substantial stride toward sustainable and clean energy solutions for the country.

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