WATT Renewable Corporation, a provider of hybrid solar solutions, has secured a $15 million debt facility from the AFRIGREEN Debt Impact Fund to finance solar power projects in Nigeria. The funding will enable WATT to expand its hybrid solar power plants for commercial and industrial clients, particularly in the telecommunication and financial services sectors.
The debt facility, offered in local currency, is structured to align with power purchase agreements, mitigating currency devaluation risks for WATT. AFRIGREEN’s managing director, Alexandre Gilles, highlighted the significance of the transaction, stating, “We are delighted to support WATT in rolling out hundreds of hybrid sites across the country. This represents another key transaction for AFRIGREEN in Nigeria. The combination of high energy prices, good solar irradiation, and strong demand from industrial and commercial energy users makes this market particularly attractive for companies like WATT. By leveraging these favorable market conditions alongside WATT’s exceptional operational performance and a well-structured financing solution, we are setting the stage for a strong and lasting business partnership.”
With the funding, WATT plans to deploy hundreds of hybrid solar power sites nationwide to address the growing energy demands of its clients. The company’s strategic expansion aims to reduce reliance on fossil fuels, cut diesel consumption, and lower CO2 emissions. This initiative will enable Nigerian businesses to achieve energy cost savings while advancing environmental sustainability.
“Our vision is to revolutionise energy access across Africa by promoting sustainable development,” said Oluwole Eweje, Managing Director of WATT Renewable Corporation. “With this support, it enables us to accelerate our shared mission of providing hybrid solar power to businesses, reducing carbon emissions, and supporting economic growth while enhancing energy security for our clients.”
Nigeria’s renewable energy market is rapidly growing, with companies like Solar Depot Nigeria, Lumos Nigeria, Rubitec Solar, Green Village Electricity (GVE) Projects, Daystar Power, and Solynta Energy taking steps to address the country’s energy challenges.
The AFRIGREEN Debt Impact Fund, which focuses on sustainable energy solutions, is supported by institutions including the European Investment Bank (EIB), the International Finance Corporation (IFC), BIO, FMO, Proparco, Société Générale, and BNP Paribas. These organisations provide financing solutions for commercial and industrial consumers as well as public utilities in Africa, enabling them to install on- and off-grid solar power plants to reduce energy costs and dependency on fossil fuels.
