- OneWattSolar has issued a $24.33 million Green Bond.
- The bond also includes a Green Sukuk Issue.
- OneWattSolar intends to deploy 14GW of clean energy by 2030.
OneWattSolar, a Nigerian clean energy startup, has issued a ₦10 billion ($24.33 million) bond to deploy clean energy across sub-Saharan Africa. The Green Bond Issuance programme also includes a seven-year Green Sukuk issue of ₦1 billion ($2.4 million).
OneWattSolar provides digital solutions that leverage Blockchain platform to provide off-grid renewable energy. The bond issuance was led by Comercio Partners, a Lagos-based investment bank and supported by the Nigerian fund manager, Marble Capital Limited. This bond represents the first Corporate Green Sukuk in Africa and the first Corporate Green Bond for an off-grid renewable energy project.
Jubril Adeojo, the co-founder and COO of OneWattSolar, stated that bonds such as these would accelerate growth and “attract institutional investors interested in investing in the green economy.” He adds that the type of projects the company looks to develop will require long-term funding, making the bond issuance a logical move and sets a standard for corporate organisations hoping to issue a Green Sukuk Bond.
Adeojo, who describes OneWattSolar’s business models as “Uber, but for energy services”, stated that the company provides hardware like solar panels, inverters, and software to many solar companies across the continent.
Adeojo says OneWattSolar has partnered with solar firms to deploy over 50MW of clean energy across Nigeria. He believes that this bond issuance will enable the company to accelerate its vision of 14GW of clean energy in sub-Saharan Africa by 2030.