Watt Renewable Corporation secures US$13 million for Nigerian C&I hybrid PV projects

The financing was announced yesterday (2nd October). Image: Watt Renewable Corporation

Canadian-headquartered solar-plus-storage developer Watt Renewable Corporation has secured a US$13 million investment to deploy hybrid corporate & industrial (C&I) solar solutions across Nigeria.

The investment came from Norwegian C&I solar company Empower New Energy, and will be directed towards solar and energy storage assets to support telecommunications and financial services operations.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

Watt said that it will add 8MW of solar and 14.2MWh of storage assets across an unspecified number of installations.

“With this funding, we are well-positioned to continue serving the telecoms industry with reliable, sustainable energy solutions,” said Oluwole Eweje, CEO of Watt. “Together, we will accelerate the transition to clean energy sources, benefiting not only Nigeria but the entire region.”

Watt said that it would hire local Nigerian workers in 100 direct and indirect positions in the projects’ development. The company’s existing operations are concentrated in Nigeria in a number of developing, under construction and operational projects, with some projects also deployed in the US and Canada.

Many of the solar PV projects deployed in sub-Saharan Africa, including those by Watt, are off-grid or connected to mini-grids. Whilst the projects themselves are predominantly small-scale, the volume of potential deployments is high and some mini-grid companies are beginning to reach scale and profitability, as PV Tech Premium explored earlier this year.

A January report from the International Renewable Energy Agency (IRENA) found that off-grid solar PV in Nigeria has the potential to reach 21.2GW capacity by the end of the decade and 75GW by 2050, if the right policies are put in place.

Utility-scale has a smaller forecast, which speaks to the scale of impacts that off-grid, smaller projects can have in emerging economies with less established grid infrastructure. The key to greater deployments is going to be a revamped financing model, IRENA said, to make widespread adoption easier and more accessible amongst consumers.

Empower New Energy has operations across 12 African countries, including Nigeria, Ghana Egypt and Morocco. It specialises in financing C&I projects on the continent through 10–25 year off-take contracts.

26 November 2024
Málaga, Spain
Understanding PV module supply to the European market in 2025. PV ModuleTech Europe 2024 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
17 June 2025
Napa, USA
PV Tech has been running PV ModuleTech Conferences since 2017. PV ModuleTech USA, on 17-18 June 2025, will be our fourth PV ModulelTech conference dedicated to the U.S. utility scale solar sector. The event will gather the key stakeholders from solar developers, solar asset owners and investors, PV manufacturing, policy-making and and all interested downstream channels and third-party entities. The goal is simple: to map out the PV module supply channels to the U.S. out to 2026 and beyond.

Read Next

June 21, 2024
UAE state-owned renewable energy developer Masdar has reached an agreement to buy 67% stake in Greece's Terna Energy.
June 21, 2024
NextEra Energy Resources has begun construction of a 310MW solar PV plant in Texas, US, offering power to INEOS Olefins & Polymers USA.
June 21, 2024
Solar PV is expected to generate 20% of global power across midday peaks on the summer solstice in the northern hemisphere, up from 16% in 2023.
June 21, 2024
PV Tech Premium talks to Nextracker president Howard Wenger about the company's business, expansion plan and R&D spending. 
June 20, 2024
Singaporean state-owned energy company Sembcorp has completed the acquisition of 245MW of renewables projects in Vietnam.
June 20, 2024
The smarter E Award has five categories in total, including photovoltaics, energy storage, e-mobility, smart integrated energy and outstanding projects.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
July 2, 2024
Athens, Greece
Solar Media Events
July 9, 2024
Sands Expo and Convention Centre, Singapore
Solar Media Events
September 24, 2024
Warsaw, Poland
Solar Media Events
September 24, 2024
Singapore, Asia