Norwegian Start-up Invests $13m in WATT Renewable
By Aduragbemi Omiyale
A Norwegian start-up, Empower New Energy, has injected about $13 million into a Nigerian hybrid solar solutions provider, WATT Renewable Corporation, to reduce the country’s carbon footprint through innovative technologies.
A statement from WATT said the funds would be used to improve the 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.
The firm stated that this is set to make a substantial impact on the availability and reliability of clean energy in the region and reduce the consumption of diesel of about 3,000,000 litres per year, which translates to about 7,039 metric tons of CO2 emissions avoided annually, representing a significant step towards a cleaner and greener environment, aligning with global efforts to combat climate change.
“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,” the chief executive of WATT, Mr Oluwole Eweje, said.
His counterpart at Empower New Energy, Mr Terje Osmundsen, noted that, “We are thrilled to collaborate with WATT Renewable Corporation to provide electricity to telecom towers and communities in Nigeria.
“With their substantial experience and numerous ongoing projects in the country, this investment will empower them to expand their efforts in supporting businesses and fostering the growth of communities, especially in remote regions.
“We are truly impressed with the remarkable work WATT has accomplished thus far, and this investment will undoubtedly enable them to sustain their significant and transformative impact.”
WATT specializes in hybrid solar energy solutions and is dedicated to reducing carbon footprint through innovative technologies. The organisation intends to add 8MW of installed generating capacity and 14.3MWh of storage capacity through end-to-end services and operation of towers in Nigeria.
On its part, Empower New Energy works closely with project development partners and has built a strong pipeline of energy projects across 12 countries in Africa, including Ghana, Nigeria, Egypt and Morocco, with projects including on- and off-grid solar PV projects.