WATT Renewable Corporation, a pioneer in sustainable energy solutions, has secured a $15 million debt facility to expand its hybrid solar power operations in Nigeria. The funding, provided by AFRIGREEN Debt Impact Fund, will be directed towards building and operating solar power plants to serve commercial and industrial clients, particularly in telecommunications and financial services.
These hybrid solar systems aim to reduce diesel usage, cut carbon emissions, and enable significant energy cost savings for businesses. The initiative supports Nigeria’s energy transformation by addressing the challenges of unreliable power supply, especially in rural and industrial areas.
Late last year, WATT equally secured $13 million from Empower New Energy, a renewable energy financier and co-developer that finances, builds, and owns clean power plants for commercial, industrial, and agricultural energy users.
Scaling Renewable Energy for Businesses
With this financing, WATT Renewable plans to deploy hundreds of hybrid solar power sites across Nigeria, aligning with its vision of transforming energy access across Africa. The company’s Energy-as-a-Service model guarantees 99.9% power reliability, delivering both environmental and economic benefits.
“We are thrilled to partner with AFRIGREEN to accelerate our mission of providing clean, reliable energy solutions,” said Oluwole Eweje, Managing Director of WATT Renewable Corporation. “This investment empowers us to reduce carbon emissions and support economic growth while enhancing energy security for our clients.”
AFRIGREEN’s Strategic Support
AFRIGREEN’s financing aligns with the structure of WATT’s power purchase agreements, offering a local currency facility that mitigates currency risks associated with the Nigerian naira. According to Alexandre Gilles, Managing Director of AFRIGREEN’s fund advisor, “The combination of favorable market conditions, strong demand, and WATT’s operational expertise makes this partnership a significant step towards lasting energy solutions in Nigeria.”
