Nigeria, a country experiencing rapid population growth and an ever-increasing demand for energy to fuel its economic expansion, is poised for substantial growth in its renewable energy sector. Experts predict that by the conclusion of 2023, Nigeria's renewable energy market will boast an impressive energy capacity of 2.94 gigawatts (GW).
In response to this escalating demand for clean energy solutions, WATT Renewable Corporation (WATT), a Nigerian enterprise specializing in hybrid solar solutions, has successfully secured a significant financial injection of $13 million. This funding is intended to accelerate the development and deployment of clean energy solutions within Nigeria.
WATT's hybrid solar solutions cater to a wide array of sectors, including mobile network operators, financial service providers, and businesses across Africa. Their innovative Energy-as-a-Service model is designed not only to bolster power reliability to an exceptional 99.9% but also to extend access to sustainable power sources to local communities.
Empower New Energy, a reputable financier, and co-developer of renewable energy projects for commercial, industrial, and agricultural energy consumers, has provided the $13 million funding. This marks the largest investment made by Empower to date and is expected to have far-reaching implications for both companies involved.
For WATT, this funding signifies an expansion of their installed generating capacity by 8MW, alongside an increase in storage capacity to 14.3MWh, achieved through comprehensive services and tower operations across Nigeria.
Beyond the financial aspect, this investment is set to yield substantial environmental benefits. It is anticipated to reduce diesel consumption by a staggering 3,000,000 liters annually, thereby preventing the release of approximately 7,039 metric tons of CO2 emissions each year.
WATT Renewable Corporation emphasizes that this substantial investment will catalyze their efforts in advancing renewable energy solutions within Nigeria. This, in turn, represents a significant step toward fostering a cleaner and more sustainable environment, aligning closely with the global commitment to combat climate change.
In a separate development highlighting the flourishing renewable energy market in Nigeria, indigenous solar solutions provider Auxano Solar recently unveiled a state-of-the-art automated Solar PV manufacturing plant with a capacity of 100 megawatts (MW). This significant milestone was achieved following a $2 million investment.
These developments underscore Nigeria's dedication to cleaner and more sustainable energy sources, reflecting a broader global effort to combat climate change and promote the adoption of renewable energy technologies.
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