May 28, 2022

Mawazo Writing Africa

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westa.solar Secured 1.5m Euro Mezzanine Loan to Develop Additional C&I Solar Projects in Nigeria – Legit.ng

westa.solar, a leading provider of solar power solutions to commercial and industrial companies in West Africa, is proud to announce that it has secured a €1.5 million mezzanine loan from was secured by the development bank Austria (OeEB) earlier this year. The financial resources are provided by the African-Austrian SME Investment Facility (AAIF) of the Austrian Federal Ministry of Finance. This enables westa.solar to accelerate the development of solar projects to reduce energy costs and emissions for commercial and industrial customers in Nigeria.

Additionally a 350 kWp Solar array The installation was commissioned in March for one of Sacvin Nigeria Limited’s factories in Kano, Nigeria. The established Power Purchase Agreement (PPA) enables the company to significantly reduce both its energy costs and its carbon footprint. It’s also just a first step as westa.solar, together with Sacvin, plans to expand the solar capacity for their factories to more than 1 MWp by the end of 2022.

Kolawole Akinboye , Country Manager of westa.solar in Nigeria, stated: “As a C&I solar developer, we have a vision to make a big difference in solving the energy needs of manufacturers and heavy industry in Nigeria and this installation is just another step in that this direction the path of our vision. It aims to help Sacvin achieve savings of more than N600 million over the next 15 years and support its long-term growth ambitions. Our solar hybrid systems are a great solution for businesses with high energy needs. Our systems are fully customized to customer requirements. By providing reliable supply at a competitive price, we offer greater financial predictability and help strengthen our customers’ businesses for future growth and profitability.”

Jogesh Khatwani, Director at Sacvin Nigeria Limited said: “We take great pride in doing our best to protect the environment and are delighted to partner with westa.solar to deliver solar PV solutions for one of our operations in Kano , Nigeria. This project would help us to significantly reduce our energy costs, reduce our diesel-related CO2 emissions and achieve our sustainability goals. We look forward to working closely with westa.solar to install this solar PV solution in the rest of our facilities in the north.

About westa .solar https://westa.solar/

westa.solar is a C&I solar company that manages design, installation and maintenance to reduce complexity and eliminate risk, and provide funding to make solar energy competitive with grid and diesel costs. westa.solar is owned by OOLU, a leading provider of energy access solutions in West Africa, and is the result of a collaboration with RP Global, an Independent Power Producer (IPP) with over 35 years of experience in the renewable energy space.

About OOLU https://OOLUsolar.com/

OOLU is a for-profit social networking company focused on improving access to renewable energy for customers with unreliable grid access or completely off-grid. Operating in West Africa since 2015, OOLU is a leader in the distribution, installation and financing of solar energy solutions and has developed a proprietary management platform and capillary distribution network in Nigeria, Senegal, Mali, Burkina Faso, Niger and Cameroon.

About OeEB https://www.oe-eb.at/

Austrian Die Entwicklungsbank AG (OeEB) acts since March 2008 as Austria’s development bank. It specializes in providing long-term financing to implement private sector projects in developing countries that create sustainable development. In addition, OeEB provides technical assistance with which the developmental impact of projects can be increased.

About RP Global http://www.rp -global.com

RP Global is an IPP with over 35 years of experience in the renewable energy space. As a developer, investor and operator, the company’s focus is on hydropower, wind and solar PV projects. Currently, RP Global is actively developing a pipeline of 9 GW. The company’s international team is active in Europe, South America and Africa. RP Global is a founding partner of Enery, which is building an operations and greenfield PV portfolio in Eastern Europe, and PPA consultancy Pexapark. The company is headquartered in Vienna, Austria and Madrid, Spain.

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