WATT Renewable Corporation, a leading provider of hybrid solar solutions in Nigeria, has secured $13 million in funding from Empower New Energy.
This investment is the largest to date for Empower New Energy, and it will support WATT’s efforts to expand its renewable energy portfolio and accelerate the transition to clean energy in Nigeria.
WATT specializes in designing, building, and operating hybrid solar power plants that provide reliable and affordable energy to businesses and communities across Nigeria.
The company’s hybrid solar solutions combine solar power with battery storage and other technologies to provide a consistent and reliable source of energy, even during periods of low sunlight or cloud cover.
WATT’s services are particularly valuable in Nigeria, where over 70 million people lack access to reliable electricity.
The company’s hybrid solar solutions can help bridge this energy gap and provide much-needed power to businesses and communities nationwide.
The new funding from Empower New Energy will enable WATT to add 8MW of installed generating capacity and 14.3MWh of storage capacity to its renewable energy portfolio.
This expansion will significantly improve the availability and reliability of clean energy in Nigeria, and it is expected to reduce diesel consumption by approximately 3 million liters per year.
Oluwole Eweje, Chief Executive Officer of WATT, commented on the new funding: “This funding injection will play a pivotal role in furthering our mission to provide reliable and affordable clean energy to businesses and communities across Nigeria. We are immensely grateful to Empower New Energy for their trust and support, and we are excited to embark on this transformative journey together.”
The investment from Empower New Energy is a significant endorsement of WATT’s business model and its commitment to advancing the clean energy transition in Nigeria.
The new funding will enable WATT to continue its growth trajectory and expand its reach to even more businesses and communities across the country.
WATT’s expansion of its renewable energy portfolio will increase the availability and reliability of clean energy in the country, which will benefit businesses and communities alike.
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