Empower New Energy is providing $13 million in financing to WATT Renewable Corporation. In Nigeria, WATT is installing hybrid solar systems to power telecoms pylons.
WATT Renewable Corporation, which is based in Calgary, Alberta, Canada, has secured $13 million in financing from Empower New Energy, an investment company specialising in renewable energy.
“This financing represents Empower New Energy’s largest investment to date,” says WATT, which is working to decarbonise telecommunications masts in Nigeria.
The company installs solar photovoltaic power plants with storage systems to supply electricity to telecoms towers after sunset or during bad weather. Empower’s support will enable the deployment of “8 MW of installed capacity and 14.3 MWh of storage capacity”.
“This injection of funds will play a vital role in furthering our mission, and we are immensely grateful to Empower New Energy for their trust and support,” said Oluwole Eweje, Managing Director of WATT. “With this funding, we are well placed to continue serving the telecoms industry with reliable and sustainable energy solutions.” Empower’s funding will certainly contribute to the implementation of WATT’s flagship projects.
A few weeks ago, the company won a contract from the Indian mobile phone operator Airtel to install solar systems at at least 600 sites across Nigeria. As part of this partnership, WATT will deploy an installed capacity of 32 MW of photovoltaic solar energy with lithium-ion battery storage systems.
“Once the installation is complete, WATT will continue to operate and maintain the power generation sites,” says the company, which has an installed capacity of 12 MW.