Edmonton, Alberta, Canada – WATT Renewable Corporation. (WATT) announced today the closing of first round of equity financing of $1 million to support WATT’s ongoing growth and investment in renewable energy projects in Sub-Saharan Africa. WATT’s shareholders are committed to an additional equity investment in WATT, along with management and other investors.
Since being founded in 2016 by a team with one of the most successful track records in the industry, Edmonton-based WATT has raised enough money in equity to fund its business plan. WATT has a target of $50 million of spinning assets by 2025.
“Investors” are pleased to continue its support for WATT as the company’s growing portfolio positions it as a Sub-Saharan African leader in renewable energy,” said Sherisse Alexander, WATT’s Chief Investment Officer and Director.
“Investors are proud to be partnered with what they believe is the highest quality team in the emerging economies renewable energy sector and believes that WATT is well positioned to work with partners and community stakeholders to build a high quality portfolio of energy assets, with this renewed support from our investors, we are well positioned to build on our current momentum” said Oluwole Eweje, Chief Executive Officer and Director, WATT Renewable Corporation.
WATT has been implementing an aggressive growth strategy over the past year. The Company recently executed a 7 megawatts (MW) integrated hybrid Power Purchase Agreement with a leading Telecommunication provider in Nigeria; with plans to bring the first phase of the Solar Facility online in August 2019.
The remaining phases are expected to come online within the year with the Company in discussion to close another $14 million in debt financing for its projects. WATT continues to seek opportunities for continued growth of its portfolio.
About WATT Renewable Corporation
Headquartered in Calgary, Canada, WATT Renewable Corporation and operating in Sub-Saharan Africa as First WATT Renewable Limited “WATT” is a private independent sustainable development company, focused on the development, construction and operation of sustainable power projects in emerging economies, with an initial focus in Sub-Saharan Africa. With one of the most experienced renewable energy development team in the industry, WATT’s mission is to be tan innovative energy leader through the development of sustainable resources by developing, building, and operating sustainable portfolio that optimizes sustainable economic development in emerging communities. WATT believes it has the power to change the future by demonstrating how to be sustainable and profitable, leaving the world a better place. For more information, visit www.wattrenewables.com.
For more information:
Sherisse Alexander
Chief Investment Officer
WATT Renewable Corporation
1-(888)-289-2303 Ext 203
investorrelations@wattrenewables.com
