Coscharis Technologies Limited, a subsidiary of the Coscharis Group, announced that it recently secured a $4 billion investment to fund power projects that will greatly benefit businesses, startups, and eventually residential communities across the country. This landmark funding will enable the company to focus on renewable energy solutions, aligning with Nigeria’s push for sustainability and reducing reliance on fossil fuels.
The initiative will initially target government entities, private sector businesses such as banks, manufacturing companies, and small and medium-sized enterprises (SMEs). Over time, the benefits of the project will extend to individuals and residential communities, providing a broader impact on Nigeria’s energy landscape.
Solar-Powered Solutions for Nigerian Businesses
At the heart of this $4 billion energy push is a commitment to providing solar energy solutions to Nigerian businesses. Sunday Mukoro, managing director of Coscharis Technologies Limited, who played a key role in securing the deal in Delhi, India, explained that the funds would help Nigerian businesses overcome chronic power challenges by offering environmentally friendly energy alternatives. These solutions aim to meet global climate targets while fostering business growth.
“These funds will be made available to Nigerian entrepreneurs and other business entities who are dedicated to operating their businesses with reliable power supply. It will be a soft landing for these businesses to turn the power challenges into opportunities to grow their businesses seamlessly,” Mukoro said.
He emphasized that power reliability is critical for the survival and growth of businesses, from large enterprises to SMEs. With this investment, Coscharis Technologies hopes to provide a solution to Nigeria’s longstanding power issues, helping businesses thrive with a steady and sustainable power supply.
Strategic Allocation and Payback Plans
Mukoro highlighted the strategic approach Coscharis Technologies will take in allocating the $4 billion investment, ensuring that the funds are used effectively and responsibly. The project’s implementation will be governed by well-defined agreements that outline repayment terms, ensuring the initiative remains sustainable in the long term.
By focusing on solar energy, the company aims to reduce the carbon footprint of Nigerian businesses, making a significant contribution to global climate goals while boosting the local economy. The ability to provide reliable power will also encourage innovation and growth in various sectors, from information technology to manufacturing, allowing Nigerian businesses to compete on a global scale.
Commendation from Coscharis Group Leadership
The president and CEO of Coscharis Group, Cosmas Maduka, lauded Mukoro and his team for their efforts in securing the $4 billion investment. He praised the project as a major step forward for Coscharis Technologies and a testament to the company’s leadership in both the ICT and renewable energy sectors.
“This achievement for us as a group is to further confirm our commitment to delivering value for money to all our numerous stakeholders in all sectors where we play,” Maduka said. “The Coscharis Technology team led by Sunday has just proven with this initiative that they are the game changer in the ICT sector in Nigeria and the sub-Sahara market.”
Sustainable and Responsible Implementation
Coscharis Technologies Limited plans to collaborate with international partners and local communities to ensure that the project is implemented in a socially and environmentally responsible manner. The company has made it clear that the project will be executed without undue interference from the government or external parties, allowing for a streamlined and efficient disbursement of funds.
As a leading player in the Information Communication and Technology (ICT) sector in Nigeria and sub-Saharan Africa, Coscharis Technologies has built a reputation for delivering reliable hardware and service solutions. The company’s venture into the renewable energy space is expected to further enhance its standing as an innovator in the region, contributing to both economic development and environmental sustainability.
