AFRIGREEN Backs WATT Renewable with $15M for Hybrid Solar Expansion Projects

AFRIGREEN Debt Impact Fund (“AFRIGREEN”), a leading investment fund focused on sustainable energy solutions and backed by prominent institutions including the European Investment Bank (EIB), the International Finance Corporation (IFC), BIO, FMO, Proparco, Société Générale, and BNP Paribas, is pleased to announce that it has entered into a USD 15 million debt facility with several project companies owned by Watt Renewable Corporation (“WATT”), an independently-owned provider of hybrid solar solutions in Nigeria.

The funds will be used to finance hybrid solar power plants to be built and operated by WATT Renewable Corporation, to serve commercial and industrial clients in Nigeria, particularly in the telecommunication and financial services sectors. By integrating solar hybrid solutions, WATT Renewable aims to significantly reduce diesel consumption and CO2 emissions, enabling its clients to achieve substantial energy cost savings while promoting environmental sustainability.

For this transaction, AFRIGREEN is offering a local currency facility that matches the payment structure of the power purchase agreements. This strategy mitigates the currency risk for WATT in the event of devaluation of the Nigerian Naira.

WATT Renewable’s Growth and Market Ambitions

As a pioneer in renewable energy solutions, WATT Renewable Corporation continues to drive innovation in Nigeria’s energy sector. The company’s robust roll-out plan includes deploying hundreds of hybrid solar power sites nationwide to meet the growing energy demands of commercial & industrial clients. This strategic expansion aligns with WATT’s vision to revolutionize energy access across Africa, enabling sustainable development and reducing reliance on fossil fuels.

AFRIGREEN’s financing provides the critical capital needed to accelerate WATT’s ambitious projects, strengthening its market position and empowering businesses with reliable and affordable energy solutions.

Leadership Perspectives

“We are delighted to support WATT in rolling out hundreds of hybrid sites across the country,” said Alexandre Gilles, Managing Director of AFRIGREEN’s fund advisor. “This represents another key transaction for AFRIGREEN in Nigeria. The combination of high energy prices, good solar irradiation, and strong demand from industrial and commercial energy users makes this market particularly attractive for companies like WATT. By leveraging these favorable market conditions alongside WATT’s exceptional operational performance and a well-structured financing solution, we are setting the stage for a strong and lasting business partnership.”

“Indeed, we are thrilled to partner with AFRIGREEN on this transformative journey to expand reliable and sustainable energy solutions across Africa,” said Oluwole Eweje, Managing Director of WATT Renewable Corporation. With this support it enables us to accelerate our shared mission of providing hybrid solar power to businesses, reducing carbon emissions, and supporting economic growth while enhancing energy security for our clients.”

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