WATT Renewable Corporation, an independent provider of hybrid solar solutions, has announced securing a $15 million debt facility from the AFRIGREEN Debt Impact Fund. The financing is set to bolster the development of hybrid solar power plants aimed at serving Nigeria’s commercial and industrial sectors, particularly in telecommunications and financial services.
To mitigate currency risks, AFRIGREEN has structured the facility in local currency, aligning payments with the terms of power purchase agreements. This approach safeguards WATT against potential devaluation of the Nigerian Naira, ensuring financial stability.
WATT plans to deploy hundreds of hybrid solar power sites across Nigeria, addressing the rising energy needs of industrial and commercial clients. The initiative aligns with the company’s vision to enhance energy access across Africa while reducing reliance on fossil fuels. By integrating solar hybrid solutions, the company aims to cut diesel usage, lower CO2 emissions, and drive significant energy cost savings for its clients. This expansion reflects a broader commitment to sustainable development, positioning WATT as a key player in Nigeria’s renewable energy market, alongside notable competitors such as Solar Depot Nigeria, Lumos Nigeria, Rubitec Solar, and Daystar Power.
Alexandre Gilles, Managing Director of AFRIGREEN’s fund advisor, highlighted the unique market opportunities in Nigeria: “The combination of high energy prices, strong solar irradiation, and demand from industrial and commercial energy users creates an attractive landscape for renewable energy providers like WATT. This transaction sets the foundation for a robust and lasting partnership.”
WATT’s Managing Director, Oluwole Eweje, emphasized the importance of this collaboration in advancing energy solutions across Africa: “This funding accelerates our mission to provide reliable hybrid solar power, reduce carbon emissions, and promote economic growth. It strengthens our ability to deliver energy security and sustainability for our clients.”
As Nigeria grapples with energy challenges, the renewable energy market is gaining traction. The successful rollout of WATT’s hybrid solar projects marks a significant step toward sustainable energy solutions, contributing to the country’s economic development and environmental conservation efforts.