• Sunday, April 14, 2024
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Westa Solar secures £1.5m loan to develop solar projects in Nigeria

Westa Solar secures £1.5m loan to develop solar projects in Nigeria

Westa Solar has announced acquiring a £1.5million mezzanine loan secured from the Austrian Development Bank (OeEB) provided by the African-Austrian SME Investment Facility (AAIF) of the Federal Ministry of Finance to accelerate the development of solar projects to reduce energy costs and emissions of commercial and industrial energy users in Nigeria.

The firm also announced the commissioning of a 350kWp PV-Diesel hybrid solution for one of the Sacvin Nigeria Limited factories in Kano, Nigeria targeted to enable the company save on its energy costs and reduce its carbon footprint by generating savings of more than N450 million over the next 15 years and support its long-term growth ambitions.

It is also the first step for Sacvin, as they plan to expand the solar capacity of their factories to more than 1MWp before the end of 2022.

Speaking during the announcement, Jogesh Kathwani, director, Sacvin Nigeria, said: “We take great pride in being good stewards of the environment and are delighted about this partnership with Westa Solar to install solar PV solutions for our operations at the substantially lower energy costs offered by this technology. This project would help us save significantly on our power costs, reduce our carbon emissions and achieve our sustainability goals.”

Read also: Solar-powered groundwater irrigation critical in boosting Nigeria’s food production – Study

These developments are coming at a time when renewable energy experts have raised concerns over the continuous inadequacy of the nation’s grid towards meeting electricity demands as this has been a major setback to manufacturers in the country. With Nigeria’s peak generation capacity being 5,300 MW and daily power demand estimated at 17,520 MW, the on-grid electricity supply is insufficient to meet the demand.

Addressing this setback, a leading provider of solar power solutions to commercial and industrial companies, Kolawole Akinboye, Nigeria’s country manager, Westa Solar, reiterated the impact in bringing sustainable development to the nation’s energy challenges.

Akinboye further added that in order to provide sustainable development of renewable energy in Nigeria, Westa solar’s solar hybrid system is a great solution for businesses future growth and profitability.

“As a C&I solar developer, we have the vision to make a huge difference in solving the energy needs of manufacturers and the heavy industries.

Our solar hybrid systems are a great solution for businesses with high energy needs and our systems are fully customized to meet client