Justrite, Norwegian Firm Seal $6.5m Solar Energy Deal

April 19, 2023
Justrite Norwegian

By Aduragbemi Omiyale

The quest of a leading one-stop retail supermarket in Nigeria, Justrite Superstore, to significantly cut down its energy costs is becoming a reality as the company has signed a solar energy deal with a Norwegian company, Empower New Energy, for the installation of solar power at 10 of its stores in the country.

Recall that last month, the Chairman of Justrite, Mr Ayodele Patrick Aderinwale, disclosed that the company’s energy costs in 2022 significantly increased by more than 500 per cent.

He stated that the management was making efforts to cut these energy expenses, especially with the funds raised from the sale of a minority stake in Justrite to Africinvest recently.

At the opening of the Lagos-Norway Energy Exchange on Monday, the Nigerian supermarket chain sealed a $6.5 million solar deal with Empower for the replacement of diesel generators with solar photovoltaics (PV) and batteries at the selected locations.

Justrite operates in a market filled with strong competitors like Shoprite, Jendor, and GB Stores, among others. They all make efforts to woo customers with lesser prices.

However, the cost of running its operations, especially electricity, is becoming a serious threat to players in the industry.

During an interview on Arise TV, which was monitored by Business Post, the Chairman of Justrite said the cost of buying diesel to keep the business going was putting pressure on the firm.

“Last year, our energy costs increased by over 500 per cent and don’t forget that energy is part of our major operational costs.

“You have to have electricity 24 hours a day because you cannot afford to be in the dark; that is why we have to embrace solar energy,” he said on the programme.

“One of the things we agreed with Africinvest is that from now henceforth, all our new stores to be opened would be powered solely by solar and the existing 17 stores would be integrated with solar energy,” he further said.

Aduragbemi Omiyale

Aduragbemi Omiyale is a journalist with Business Post Nigeria, who has passion for news writing. In her leisure time, she loves to read.

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