Africa-focused hybrid solar solutions provider WATT Renewable Corporation has attracted a USD-13-million (EUR 12.2m) investment from renewable energy financier and co-developer Empower New Energy to support its expansion in Nigeria.
The fresh funds will help WATT add 8 MW of installed power generating capacity and 14.3 MWh of storage through end-to-end services and operation of towers in the country, according to a statement published today.
The investment, which marks the largest for Empower so far, will result in the elimination of 7,039 metric tonnes of carbon dioxide emissions avoided annually.
“This investment will empower [WATT] to expand their efforts in supporting businesses and fostering the growth of communities, especially in remote regions,” said Empower’s CEO Terje Osmundsen.
WATT is a sustainable energy solutions company delivering solutions to telecoms, mobile network operators, financial service providers and commercial and industrial (C&I) businesses in Africa.
Most recently, the Alberta, Canada-headquartered firm won a contract to deliver over 32 MW of solar PV capacity and storage for a Nigerian unit of India-based telecoms group Bharti Airtel Ltd.
(USD 1 = EUR 0.944)