Nigeria, Afrigreen, Empower Launch Solar Deal

April 24, 2025

Key Figures & Findings: AFRIGREEN Debt Impact Fund, managed by RGREEN INVEST and advised by ECHOSYS INVEST, has signed a financing deal with Empower New Energy to develop 26 commercial-scale solar and battery storage projects in Nigeria. The partnership specifically supports installations at Justrite Superstores, one of Nigeria’s leading retail chains with 22 stores and over 900 employees. The initiative was praised by key stakeholders including Empower CEO Terje Osmundsen, ECHOSYS INVEST’s Olivier Leruste, and Justrite founder Ayo Aderinwale, each highlighting the economic, social, and environmental advantages of decentralised energy for Nigerian businesses. Empower, known for accelerating C&I solar deployment across Africa, will deliver these systems in partnership with local integrator Powercell.

Statistics & Insights: The initiative will generate over 8,000 MWh of electricity annually and reduce CO₂ emissions by around 4,000 tonnes per year. The rooftop systems will also help cut energy costs for Justrite, a retail group operating over 20,000 m² of commercial space.

Future Implications: If fully implemented, the program could set a replicable standard for solar-battery adoption across Nigeria’s retail sector by 2026. It may also boost investor confidence in scaling clean energy financing for mid-sized commercial operators.