FSD Africa through Winock Solar, a Nigerian renewable energy start-up focused on addressing the country’s critical energy access issues has saved Nigeria $1 billion in energy consumption in one year.
With over 60 percent of Nigerians, more than 120 million people lacking reliable electricity, Winock Solar is providing affordable solar energy solutions to micro-businesses.
Since its inception, the company has served over 2,600 customers, installing more than 2 megawatts of rooftop solar capacity. This initiative has replaced 1,200 petrol powered generators, saving customers over $1 million annually, while reducing CO2 emissions by over 20,000 tonnes.
This is contained in the FSD Africa Impact Report for 2024, where the organisation outlines the steps they are taking to mobilise billions of dollars for sustainable development across the continent, while highlighting transformative projects addressing Africa’s most urgent challenges.
Read also:MTN Nigeria targets net zero emissions with clean energy investment
FSD Africa has played a vital role in Winock’s growth by supporting Nithio, a financing partner that has provided essential capital to scale off-grid energy solutions across Nigeria, Kenya, and Uganda.
Since 2019, FSD Africa’s support has helped companies like Winock Solar expand services and increase social impact investments.
This is just one example of how FSD Africa is mobilising finance for sustainable development. Through initiatives such as sustainability bonds, de-risking instruments, and nature-positive solutions, FSD Africa has contributed $3.47 billion to Africa’s future, with $1.32 billion raised in the past three years alone.
FSD Africa’s work in climate action, job creation, and empowering women is having a direct impact on communities across the continent. This includes avoiding 4.5 million tonnes of CO2 emissions, creating over 10,000 jobs, and providing clean energy to 600,000 people.
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