Renewable energy firm WATT Nigeria secures $13 million in funding

WATT Renewable Corporation (WATT) in Nigeria has secured $13 million to expand its business as an independently owned provider of hybrid solar systems. The funding was provided by Empower New Energy, a lender and co-developer of renewable energy.

Empower New Energy specializes in financing, constructing, and owning clean power plants for commercial, industrial, and agricultural energy consumers. This investment, totaling an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity in Nigeria, marks the largest contribution made by Empower to date. It will enable WATT to enhance its renewable energy portfolio.

WATT is dedicated to providing hybrid solar solutions with a social impact to mobile network operators, financial service providers, and C&I companies in Africa. Their solutions enhance electricity reliability to 99.9%, while also granting nearby communities access to a sustainable power source through a comprehensive sustainable energy-as-a-service approach.

Oluwole Eweje, CEO of WATT, expressed gratitude to Empower New Energy for their trust and support, stating, “This funding injection will play a pivotal role in furthering our mission. With this funding, we are well-positioned to continue serving the telecoms industry with reliable, sustainable energy solutions.”

The additional funding will be utilized to expedite the advancement of renewable energy solutions and solidify WATT’s position as Nigeria’s foremost supplier of clean energy.

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