WATT gets $15m debt facility for solar expansion in Nigeria

WATT Renewable Corporation, a hybrid solar energy provider in Nigeria, has entered a $15 million debt facility agreement with AFRIGREEN Debt Impact Fund, an investment fund promoting sustainable energy.

In a statement, WATT said that the funds will finance the development and operation of hybrid solar power plants serving Nigeria’s commercial and industrial sectors, including telecommunications and financial services.

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By adopting solar hybrid solutions, WATT aims to lower diesel use and carbon emissions while cutting energy costs for its clients.

AFRIGREEN has structured the facility in local currency to mitigate currency risks, aligning payments with the terms of power purchase agreements.

Enabled by the funding, WATT’s rollout plan includes establishing hundreds of hybrid solar sites nationwide, supporting its vision to enhance energy access and reduce fossil fuel dependence across Africa.

“This partnership marks a milestone for AFRIGREEN in Nigeria,” said Alexandre Gilles, managing director of AFRIGREEN’s fund advisor. “WATT’s strong operational track record and the favorable market conditions in Nigeria provide an ideal foundation for a lasting business collaboration.”

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Oluwole Eweje, managing director of WATT Renewable Corporation, expressed enthusiasm for the partnership, emphasizing its role in advancing reliable, sustainable energy solutions.

“This support accelerates our mission to reduce carbon emissions, enhance energy security, and drive economic growth,” he said.