Grace Ashiru
WATT Renewable Corporation (WATT), based in Nigeria, has successfully secured funding of US$13 million to enhance its operations as an autonomous provider of hybrid solar systems.
Empower New Energy, a firm that operates as a lender and co-developer in the renewable energy sector, generously provided the funding.
Empower New Energy specializes in the financing, construction, and ownership of clean energy plants tailored to the needs of commercial, industrial, and agricultural energy users. With the recent inclusion of a remarkable 8MW in installed generation capacity and 14.3MWh of storage capacity via comprehensive services and the management of towers within Nigeria, this investment marks the most significant commitment by Empower to date. This financial injection will significantly aid WATT in amplifying its renewable energy portfolio.
WATT provides hybrid solar solutions to mobile network operators, financial service providers, and C&I companies across Africa, significantly enhancing electricity reliability to 99.9%. Its turnkey sustainable energy-as-a-service model also extends a sustainable power source to local communities, embodying a social impact.
The recent financial backing is a cornerstone in propelling our mission forward, and the gratitude towards Empower New Energy for their faith and sponsorship is immense. This financial support greatly positions us to persist in offering dependable, sustainable energy solutions to the telecommunications sector, remarked Oluwole Eweje, the CEO of WATT.
With this extra funding, WATT is set to fast-track its initiatives to promote renewable energy solutions, strengthening its stature as Nigeria’s foremost provider of clean energy.
