WATT Renewable Corporation, a provider of hybrid solar solutions, secures a $15 million debt facility from the AFRIGREEN Debt Impact Fund. The funding is allocated to develop hybrid solar power plants to meet the energy demands of commercial and industrial clients in Nigeria, particularly in the telecommunications and financial services sectors.
The debt facility, offered in local currency, aligns with WATT’s power purchase agreements, shielding the company from currency devaluation risks.
Operating in Nigeria’s expanding renewable energy sector, WATT is one of several key players, alongside Solar Depot Nigeria, Lumos Nigeria, Rubitec Solar, and Daystar Power, contributing to solving the country’s energy challenges.
WATT plans to deploy hundreds of hybrid solar power sites across the country, supported by the new funding. These installations aim to reduce diesel consumption, lower CO2 emissions, and cut energy costs for businesses while promoting environmental sustainability.
The company’s expansion aligns with its goal to improve energy access across Africa, fostering economic growth and reducing dependence on fossil fuels.
Alexandre Gilles, Managing Director of AFRIGREEN’s fund advisor, highlights Nigeria’s favorable market conditions, including high energy costs, strong solar potential, and increasing demand from industrial and commercial users. Gilles expresses confidence in the partnership, commending WATT’s operational performance and the structured financing as essential to long-term success.
WATT’s Managing Director, Oluwole Eweje, emphasizes that AFRIGREEN’s support accelerates their mission to provide sustainable energy solutions. He reiterates the company’s commitment to reducing carbon emissions, enhancing energy security, and supporting clients’ economic growth.
The AFRIGREEN Debt Impact Fund is supported by prominent institutions such as the European Investment Bank (EIB), the International Finance Corporation (IFC), and Proparco. It focuses on financing solar energy projects for commercial, industrial, and public utility sectors across Africa, promoting a shift away from fossil fuels and toward sustainable energy solutions.
With this funding, WATT Renewable Corporation strengthens its position as a key player in Nigeria’s renewable energy transformation, driving sustainable development and energy independence.
