• About
  • Advertise
  • Careers
  • Contact Us
Thursday, June 26, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Business Environment

WATT Renewable Corporation Raises $15 Million to Boost Nigeria’s Renewable Energy Sector

by Joan Aimuengheuwa
December 11, 2024
in Environment
0
WATT Renewable Corporation Raises $15 Million to Boost Nigeria’s Renewable Energy Sector
Renewable energy

Renewable energy

UBA
Advertisements

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. 

Loading

Advertisements
MTN ADS

0Shares
Tags: AFRIGREEN Debt Impact FundOluwole Ewejerenewable energyWATT Renewable Corporation
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Next Post
Apple Launches ChatGPT Integration with iOS 18.2, Bringing AI to 100M+ Devices Worldwide

Apple Launches ChatGPT Integration with iOS 18.2, Bringing AI to 100M+ Devices Worldwide

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

LinkedIn Is Quietly Using Your Personal Data for AI Training Without Consent – Here’s How to Opt Out

LinkedIn Is Quietly Using Your Personal Data for AI Training Without Consent – Here’s How to Opt Out

9 months ago
GMT Pay for Web3 Pay

GMT Pay Launches as First Payment Gateway for Use of Web3 Earnings for Everyday Purchases

5 months ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.