WATT Renewable Corporation (WATT), has secured $13 million in funding to boost its efforts in advancing renewable energy solutions and fortify its position as a leading provider of clean energy in Nigeria.
WATT is an independently-owned provider of hybrid solar solutions and delivers hybrid solar solutions with social impact to mobile network operators, financial service providers, and C&I businesses in Africa.
WATT Renewable Corporation is guided largely by the UN Sustainable Development Goals as set out in September 2015. Many of the objectives set out in the document are in sync with the core beliefs and values of the WATT social development project.
The funding came from Empower New Energy, a renewable energy financier and co-developer that funds, builds, and owns clean power plants for commercial, industrial, and agricultural energy users. The $13 million funding marks the largest investment made to date by the investor.
This fresh injection of funds will enable WATT to enhance its 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.
Oluwole Eweje, CEO of WATT 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.”
The $13m investment fund WATT just secured has come after WATT won a contract last month to upgrade Airtel towers in Nigeria. While the headquarters of WATT corporation is in Canada, doing business in Nigeria has looked encouraging for the company lately.