Nigerian independently-owned provider of hybrid solar solutions, WATT Renewables Corporation (WATT) has announced securing US$13 million in funding to catalyze its efforts in advancing renewable energy solutions and fortify its position as a leading provider of clean energy in Nigeria.
As an indication that the renewable energy market in Nigeria has continued to gain traction, another competitor in the renewable market Auxano Solar, an indigenous solar solution provider company, recently launched a 100 megawatts (MW) automated Solar PV manufacturing plant after securing a $2 million investment.
WATT delivers hybrid solar solutions with social impact to mobile network operators, financial service providers, and commercial and industrial businesses in Africa. Through its turnkey sustainable Energy-as-a-Service model, it increases power reliability to 99.9 percent while providing local communities access to a sustainable source of power.
The US$13 million funding came 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. It marks the largest investment made to date by Empower.
This will enable WATT Renewables to enhance its renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria.
This funding injection will play a pivotal role in furthering our mission, and we are immensely grateful to Empower New Energy for their trust and support. With this funding, we are well-positioned to continue serving the telecoms industry with reliable, sustainable energy solutions.
WATT is excited to embark on this transformative journey with the support of Empower New Energy. Together, we will accelerate the transition to clean energy sources, benefiting not only Nigeria but the entire region.
Oluwole Eweje, WATT CEO
