“WATT Renewable Secures $13M Funding to Supercharge Clean Energy Expansion in Nigeria”
In a significant boost to the advancement of clean energy solutions in Nigeria, WATT Renewable Corporation, a pioneering Nigerian renewable company specializing in hybrid solar energy solutions, has successfully secured $13 million in funding. This funding injection, led by Norwegian renewable energy investment firm Empower New Energy, marks a pivotal moment in WATT’s mission to reduce carbon emissions and provide sustainable power solutions.
WATT plans to utilize the funds to enhance its portfolio significantly, aiming to add an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity. These additions will be achieved through the implementation of end-to-end services and the operation of towers throughout Nigeria. The company’s objective is clear: to strengthen the availability and reliability of clean energy in the region.
One of the most remarkable outcomes of this funding is the substantial reduction in diesel consumption, estimated at approximately 3,000,000 liters per year. This translates to a remarkable annual reduction of about 7,039 metric tons of CO2 emissions. WATT’s efforts align with the global push for sustainable energy sources and reducing environmental impact.
Mr. Oluwole Eweje, CEO of WATT, expressed his gratitude for Empower New Energy’s support, emphasizing the significance of this funding injection. He highlighted how it will allow WATT to continue providing reliable, sustainable energy solutions to the telecoms industry, benefiting not only Nigeria but the entire region.
WATT Renewable Corporation has rapidly become a key player in the field, delivering hybrid solar solutions to various sectors, including telcos, mobile network operators, financial service providers, and C&I businesses across Africa. The company’s innovative Energy-as-a-Service model has not only improved connectivity and uptime for various industries but also brought sustainable power to underserved communities.
Looking ahead, WATT aims to raise $100 million by the end of 2024 to expand its hybrid solar storage projects in Nigeria. This ambitious goal reflects the company’s commitment to becoming a leading solar provider in Africa, contributing to sustainable development and reducing reliance on harmful resources.
Empower New Energy CEO Terje Osmundsen expressed enthusiasm for the collaboration, highlighting the potential for WATT to empower communities and businesses in remote regions. This investment is set to sustain WATT’s transformative impact in the clean energy sector.
With this funding, WATT Renewable Corporation is poised to play a significant role in accelerating the transition to clean energy sources in Nigeria and beyond, ultimately shaping a greener and more sustainable future for the region.