AFRIGREEN’s Solar Push in Nigeria

Key Figures & Findings: AFRIGREEN a prominent sustainable energy investment fund has secured a US$15 million debt facility with WATT Renewable Corporation an independent producer of clean energy solutions focused on providing renewable energy to telecom towers and financial service providers, to finance hybrid solar power plants for Nigeria’s commercial and industrial (C&I) sectors, including telecommunications and financial services. The partnership aims to reduce diesel reliance, cut CO2 emissions, and provide cost-effective, sustainable energy solutions. AFRIGREEN, supported by prominent institutions like the European Investment Bank, IFC, and Proparco, has structured the facility in local currency, mitigating risks from naira devaluation and ensuring long-term stability for WATT’s operations.

Insights: The investment supports WATT’s goal to deploy hundreds of hybrid solar sites nationwide, addressing the energy demands of C&I clients and enabling significant cost savings and environmental benefits. Nigeria’s high energy prices and optimal solar conditions make the market ideal for hybrid solar solutions, aligning with AFRIGREEN’s sustainability objectives.

Future Implications: If successfully scaled, WATT’s hybrid solar initiative could redefine energy consumption for Nigeria’s industries, fostering economic growth while reducing environmental impact. This collaboration might also establish a replicable model for solar solutions across Africa’s developing markets.

Source: African Review