WATT Renewable Corporation, one of Nigeria’s top renewable energy industries, has raised $15 million in debt financing from the AFRIGREEN Debt Impact Fund.
The funding aims to drive the development of hybrid solar power plants, primarily for the energy needs of commercial and industrial clients in Nigeria’s telecommunications and financial services sectors.
The funding will be deployed to establish hybrid solar power systems, with AFRIGREEN offering a local currency facility designed to align with WATT’s power purchase agreements.
This approach mitigates possible losses from fluctuations in the Nigerian naira’s value, ensuring financial stability for the company amidst economic uncertainties.
WATT also plans to roll out hundreds of hybrid solar power sites across the nation, expected to address the rising energy demands of businesses while contributing to environmental sustainability.
In integrating solar energy with hybrid systems, WATT aims to cut down on diesel usage and reduce carbon emissions, helping Nigerian businesses achieve significant cost savings and improve their environmental footprint.
In stressing the importance of the funding, Alexandre Gilles, managing director of AFRIGREEN’s fund advisor, spoke on the opportunities in Nigeria’s renewable energy market.
He noted that the combination of escalating energy costs, strong demand from industrial and commercial sectors, and the country’s favourable solar conditions makes it an attractive space for investment.
“This partnership with WATT exemplifies how structured financing solutions can support impactful business growth and sustainability,” Gilles added.
WATT’s managing director, Oluwole Eweje, commented on the partnership’s prospect to accelerate the deployment of sustainable energy solutions across Africa.
According to Eweje, the funding will go beyond expanding access to renewable energy to also promote economic growth and enhance energy security for businesses.
The AFRIGREEN Debt Impact Fund, which prioritises sustainable energy investments, is supported by international financial institutions such as the European Investment Bank, the International Finance Corporation, and Proparco, among others.
Its focus on providing targeted financing solutions for commercial and industrial energy consumers stresses its focus on reducing dependency on fossil fuels and promoting clean energy adoption across Africa.
With this funding, WATT Renewable Corporation strengthens its competition in Nigeria’s renewable energy sector, joining other companies, including Solar Depot Nigeria, Daystar Power, and Lumos Nigeria.
