WATT Renewable Corporation, an independently owned provider of hybrid solar solutions, has secured $13 million in funding from Empower New Energy.
The company said this significant investment will catalyze its efforts in advancing renewable energy solutions in Nigeria. The funding also marks the largest investment to date for Empower New Energy.
WATT specializes in hybrid solar energy solutions and is dedicated to reducing carbon footprint through innovative technologies.
As an indication that the renewable energy market in Nigeria has continued to gain traction, another competitor in the renewable market Auxano Solar, an indigenous solar solution provider company, recently launched a 100 megawatts (MW) automated Solar PV manufacturing plant after securing $2 million investment.
WATT said the funding will enable it 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 in Nigeria.
This is set to make a substantial impact on the availability and reliability of clean energy in the region.
The funding is estimated to support the reduction of approximately 3,000,000 litres of diesel consumption per year, which translates to about 7,039 metric tons of CO2 emissions avoided annually.
This represents a significant step towards a cleaner and greener environment, aligning with global efforts to combat climate change.