Abidjan, Ivory Coast, West Africa
FIRST WATT Renewables Limited ‘WATT’ (Nigeria) was selected as the best investment ready project among eight finalists at the prestigious West Africa Forum for Clean Energy Financing (WAFFCEF) Business Plan competition in Abidjan. The competition showcased eight investment-ready projects originating from Côte d’Ivoire, Ghana, Togo, Cameroon, and Nigeria. Projects presented highlighted opportunities in technologies such as solar mini-grids, waste to energy, waste recycling, and clean cooking fuels. The final round of finalists were judged by representatives from major international organizations including investors, industry specialists and business executives with a keen interest in enabling cleaner and greener projects in West Africa.
WATT impressed judges with their value proposition, environmental and developmental benefits, and the ability to scale quickly. The $4.2 million investment in the first round will go towards scaling up their solar as a service business model and reach more of their target clients. The company has already deployed over 1MW of solar assets across Nigeria to various commercial and industrial businesses in Nigeria. The company recently executed solar as a service agreement with one of Nigeria’s leading telecommunication company Pan African Towers to transition their tower assets from 100% reliance on diesel generators to a Solar Hybrid solution. This displaced over 20,000 tons of CO2 emissions annually. WATT has planned where feasible and practical to provide reliable and clean power to over 667 SMEs owned and operated by women, men and youths across Nigeria using its C&I customers as an anchor.
This accomplishment comes quickly on the heels of Pan African Tower’s CEO Mr. Wole Abu addressing connectivity challenges this past week at the Nigerian Com conference. “Overcoming power, accessibility and infrastructure challenges, Mr. Abu states are the greatest challenges affecting connectivity.” WATT’s hybrid solution is designed to address this exact concern for its clients in the telecoms and financial services sector in Nigeria and other African countries.
WATT’s Managing Director Mr. Oluwole Eweje believes that the key to building sustainable communities is through sustainable industrialization. Healthy, sustainable, economically viable communities where businesses support businesses in the communities they operate in is the key to address energy poverty.
The event was hosted by the African Development Bank and hosted in partnership with ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE), the ECOWAS Bank for Investment & Development (EBID-BIDC) and the African Biofuel & Renewable Energy Company (ABREC-SABER).
Private Financing Advisory Network (PFAN) hosts these events to bring project developers and financiers together. Business plans are assessed thoroughly after benefiting from many months and hours of working with coaches to provide development, structuring, the preparation of bankable business plans and deliverable’s and investor pitches. WATT is now working with top investors and financiers to back their solar business expansion plans.
For more information:
Chief Investment Officer
WATT Renewable Corporation
1(888) 289 2303 Ext 203