Solar energy provider Westa Solar has secured a $1.8 million loan from the Austrian Development Bank (OeEB) provided by the Austrian Federal Ministry of Finance’s Investment Facility for African-Austrian SMEs (AAIF) to supply solar photovoltaic energy to commercial and industrial (C&I) customers in Nigeria.
The Abuja-based company will deploy the funds to accelerate the development of its operations in a country plagued by incessant power outages which affect business sustainability and productivity.
The latest funding comes off the heels of the company’s first mezzanine loan obtained in 2022.
According to BusinessDay, the company commissioned a 350kWp PV-Diesel hybrid solution for one of the Sacvin Nigeria Limited factories in Kano, Nigeria targeted to enable the company to save on its energy costs and reduce its carbon footprint by generating savings of more than N450 million over the next 15 years and support its long-term growth ambitions.
It is also the first step for Sacvin, as they plan to expand the solar capacity of their factories to more than 1MWp before the end of 2022.
Jogesh Kathwani, director, Sacvin Nigeria, said: “We take great pride in being good stewards of the environment and are delighted about this partnership with Westa Solar to install solar PV solutions for our operations at the substantially lower energy costs offered by this technology. This project would help us save significantly on our power costs, reduce our carbon emissions and achieve our sustainability goals.”
Kolawole Akinboye, Nigeria’s country manager, while reiterating the impact in bringing sustainable development to the nation’s energy challenges said, “As a C&I solar developer, we have the vision to make a huge difference in solving the energy needs of manufacturers and the heavy industries.
Our solar hybrid systems are a great solution for businesses with high energy needs and our systems are fully customized to meet client demand.”
