WATT Renewable Secures $15 Million to Boost Nigerian Solar Market
WATT Renewable Corporation, a Nigerian hybrid solar energy provider, has secured a $15 million loan from AFRIGREEN Debt Impact Fund to support its sustainable energy projects. WATT Renewable Corporation, made this known in a statement, said, it will utilize the $15 million funding to develop and operate hybrid solar power plants, catering to the energy needs of Nigeria’s commercial and industrial sectors, such as telecommunications and financial institutions.
WATT Renewable Corporation seeks to reduce diesel consumption and carbon emissions, while also decreasing energy expenses for its clients, by implementing solar hybrid solutions. AFRIGREEN has tailored the loan in local currency to minimize exchange rate risks, and synchronize repayments with the terms of existing power purchase agreements.
The funding will empower WATT to execute its ambitious rollout strategy, which entails the deployment of hundreds of hybrid solar sites across Nigeria, in pursuit of its mission to expand energy access and decrease reliance on fossil fuels throughout Africa.
Alexandre Gilles, Managing Director of AFRIGREEN’s fund advisor, noted that the partnership represents a significant milestone for AFRIGREEN in Nigeria, citing WATT’s impressive operational history and Nigeria’s favourable market conditions as a solid basis for a long-term and fruitful business partnership. Oluwole Eweje, Managing Director of WATT Renewable Corporation, welcomed the partnership with enthusiasm, and enumerated its significance in driving the adoption of dependable and sustainable energy solutions in Nigeria. This support propels us forward in our quest to slash carbon emissions, boost energy security, and fuel economic growth.” he said.