WATT gets $13m to expand renewable energy in Nigeria

BREAKING NEWSOctober 2, 2023 at 12:04 PM UTC

WATT Renewable Corporation, an independently owned provider of hybrid solar solutions, has secured $13 million in funding from Empower New Energy to catalyze its efforts in advancing renewable energy solutions in Nigeria.

The company specializes in hybrid solar energy solutions and is dedicated to reducing carbon footprint through innovative technologies. Empower New Energy works closely with project development partners and has built a strong pipeline of energy projects across 12 countries in Africa.

The funding, which marks the largest investment to date for Empower New Energy, 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.

Key Takeaways

Today, the world’s largest unelectrified population lives in Nigeria. Of the country’s 200+ million people, more than 90 million still lack any access to electricity. Low per capita electricity consumption (13% of the modern energy minimum threshold), dependence on mostly subsistence agriculture (70% of the population), high unemployment (35%), and underemployment (22%), all combine to create substantial development challenges. Expanding access to clean and reliable energy is among the most powerful available levers to quickly change the economic prospects of all Nigerians and investments in expanding off-grid energy solutions like WATT are crucial to achieving this.