Solar capitalist Empower raises USD 74m to proceed with new projects in Africa

Dec 1, 2022 02:37 PM ET
  • Africa-focused solar designer and also influence capitalist Empower New Energy announced today it has actually recently raised USD 74 million (EUR 71.3 m) in equity, which has permitted it to make new financial investments in Morocco as well as Nigeria.

The funding raising was led by Climate Fund Managers (CFM), with engagement from investment funds Norfund of Norway and Janeiro Energy of Brazil. Equip expects the fresh capital to allow it to provide some 240 GWh of clean electrical power. The business's objective is to establish, money, own and operate a first 150 MW of solar projects for commercial and industrial (C&I) in Africa over the next four years.

According to its new financial investments, Empower said it is spending an overall of USD 3 million on a 2-MWp roof solar project at 4 websites in Morocco, backed by a 16-year off-take agreement with regional agro-alimentary team Zalar Holding, as well as on a 1-MWp ground-mounted solar plant at the agro-processing factory of Harvest Farms in Abeokuta, Nigeria, under a 12-year power sales deal. In Morocco, Empower is working together with Jet Energy, while in Nigeria its companion is Dartz Technology.

"Africa needs greater than a tripling of annual financial investment to fulfill its CO2 reduction targets as well as energy requirements. We are thrilled by the chance to collaborate with CFM, Norfund as well as our various other financiers to scale up neighborhood solar as well as hybrid nuclear power plant in Africa," commented Terje Osmundsen, creator as well as chief executive officer of Empower New Energy.


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