A Nigerian renewable company that specializes in hybrid solar energy solutions and is dedicated to reducing carbon footprint through innovative technologies, WATT, has announced the raise of $13 million in funding.
The funding was raised by a Norwegian renewable energy investment firm, Empower New Energy, a startup that provides finance and co-development for small and medium-sized solar power plants across Africa.
WATT disclosed that the funds will be used to improve its 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.
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The startup also added that the funding received will go a long way to make a substantial impact on the availability and reliability of clean energy in the region and reduce the consumption of diesel at approximately 3,000,000 liters per year, which translates to about 7,039 metric tons of CO2 emissions avoided annually.
Speaking on the funds raised, Chief Executive of WATT, Mr 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 Renewable Corporation is an independently owned sustainable development company delivering hybrid solar solutions with social impact to telcos, mobile network operators, financial service providers, and C&I businesses in Africa.
In just five years, the company has established an impressive portfolio of hybrid solar storage projects that are not only improving connectivity and uptime for the telecommunications and financial services industries but also bringing a reliable, affordable source of power to underserved communities.
Through its turnkey sustainable Energy-as-a-Service model, WATT increases power reliability to 99.9% while providing local communities access to a sustainable source of power, improving business energy security, reducing costs and carbon emissions, and supporting economic and social development to achieve a just transition.
It would be recalled that in June this year, WATT announced plans to raise $100 million by the end of 2024 to deliver a 100MW pipeline of hybrid solar storage projects in Nigeria.
The company is seeking investors that can accelerate its journey to become one of the most notable solar providers in Africa.
Its goal is to design, build, own, and operate (DBOOM) renewable energy (RE) projects through solar, wind, and biomass generation.
WATT believes that power generation through utilizing renewable sources is critical to sustainable development in emerging countries.
By using clean renewable sources, it will allow for an increase in consistent access to power and reduce the use of other harmful resources that have contributed to poor air quality, and deforestation.