Empower New Energy has given $13 million to WATT Renewable Corporation, a privately owned company that sells hybrid solar systems.
The company said that this significant investment will boost its efforts to help Nigeria find ways to use green energy. The cash is also the most prominent investment Empower New Energy has ever gotten.
WATT focuses on hybrid solar energy options and is committed to using new technologies to reduce carbon footprint.
The fact that Auxano Solar, an indigenous solar solution provider company, recently opened a 100 megawatts (MW) automated Solar PV manufacturing plant after getting a $2 million investment shows that the renewable energy market in Nigeria is still growing.
Read also: WATT Renewable Corporation to power Airtel’s expansion in Nigeria
Energy portfolio expansion
WATT said the money will help it add 8MW of installed generating capacity and 14.3MWh of storage capacity to its renewable energy portfolio by operating towers in Nigeria.
This will significantly affect regional clean energy availability and reliability.
Funding is expected to reduce diesel usage by 3,000,000 gallons annually, avoiding 7,039 metric tonnes of CO2 emissions.
This is a significant step towards a better environment and worldwide climate change efforts.
Help for the telecom industry
WATT CEO Oluwole Eweje is due to Empower New Energy for their faith and cooperation in financing. This money will help us succeed. These funds will keep us supplying telecoms with reliable and sustainable energy solutions. We want to change with Empower New Energy. Nigeria and the region can benefit from faster renewable energy conversion.
Airtel Nigeria denies granting solar contracts to WATT Corporation
New Energy Empowerment
Empower New Energy works closely with project development partners to build a pipeline of energy projects in 12 African nations, including Ghana, Nigeria, Egypt, and Morocco, including on- and off-grid solar PV projects.
CEO Terry Osmundsen touched on WATT investment. WATT Renewable Corporation happily powers Nigerian telecom towers AND communities. Their knowledge and national programming may aid businesses and people, especially in distant areas, in utilising this money. We applaud WATT, and this grant will aid innovation.”
WATT agreed to power Airtel Nigeria’s base stations with renewable energy.