- This $13 Million investment will catalyse WATT’s efforts in advancing renewable energy solutions in Nigeria.
- The funding is estimated to support the yearly reduction of approximately 3,000,000 litres of diesel consumption.
WATT Renewable Corporation, a hybrid solar solutions provider, has secured $13 million in funding from Empower New Energy. The firm said this significant investment will catalyse its efforts in advancing renewable energy solutions in Nigeria. The funding is the most significant investment to date for Empower New Energy.
WATT said the funding will enable it to enhance its renewable energy portfolio, adding an impressive 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria. This is set to substantially impact the availability and reliability of clean energy in the region.
The funding is estimated to support the reduction of approximately 3,000,000 litres of diesel consumption annually, translating to about 7,039 metric tons of CO2 emissions avoided annually. This represents a significant step towards a cleaner and greener environment, aligning with global efforts to combat climate change.
Commenting on the fundraising, the Chief Executive Officer of WATT, Oluwole Eweje, said, “This funding injection will play a pivotal role in furthering our mission, and we are immensely grateful to Empower New Energy for their trust and support. With this funding, we are well-positioned to continue serving the telecoms industry with reliable, sustainable energy solutions. WATT is excited to embark on this transformative journey with the support of Empower New Energy. Together, we will accelerate the transition to clean energy sources, benefiting not only Nigeria but the entire region.”
WATT specialises in hybrid solar energy solutions and is dedicated to reducing carbon footprint through innovative technologies. As an indication that the renewable energy market in Nigeria has continued to gain traction, another competitor in the renewable market, Auxano Solar, an indigenous solar solution provider company, recently launched a 100 megawatts (MW) automated Solar PV manufacturing plant after securing a $2 million investment.