westa.solar secured 1.5m euro mezzanine loan to develop additional C&I solar projects in Nigeria and commissioned a 350kWp new solar installation

The financial resources are provided by the African-Austrian SME Investment Facility (AAIF) of the Austrian Federal Ministry of Finance. This will allow westa.solar to accelerate the development of solar projects to reduce energy costs and emissions of commercial and industrial customers in Nigeria.

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

Kolawole Akinboye, westa.solar’s Country Manager in Nigeria explained: “As a C&I solar developer, we have the vision to make a huge difference in solving the energy needs of manufacturers and the heavy industries in Nigeria and this installation is just another step towards the pathway of our vision. It is projected to help Sacvin generate 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 meet client demand. By providing a reliable supply at a competitive price, we offer greater financial predictability and help power our client’s businesses for future growth and profitability.”

Jogesh Khatwani, Director at Sacvin Nigeria Limited said: “We take great pride in putting our best foot forward in protecting the environment and are excited about this partnership with westa.solar to install solar PV solutions for one of our operations in Kano, Nigeria. This project would help us significantly save on our power costs, reduce our diesel-generated carbon emissions, and achieve our sustainability goals. We look forward to working closely with westa.solar to install this solar PV solution across the rest of our plants in the North.”

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

westa.solar is a C&I solar company that manages the design, installation, and maintenance to eliminate complexity and risks as well as providing finance to make solar competitive with grid and diesel costs. westa.solar is owned by OOLU, a leader in energy access solutions in West Africa, and it is the result of a collaboration with RP Global an Independent Power Producer (IPP) with over 35 years of experience in the renewable energy sector.

About OOLU https://OOLUsolar.com/

OOLU is a for-profit social enterprise focused on increasing 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 distributing, installing, and financing solar energy solutions having developed a proprietary management platform and a capillary distribution network in Nigeria, Senegal, Mali, Burkina Faso, Niger, and Cameroon.

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

Oesterreichische Entwicklungsbank AG (OeEB) has been operating as the Development Bank of Austria since March 2008. It specialises in the provision of long-term finance for the implementation of private sector projects in developing countries which create sustainable development. Additionally, OeEB provides technical assistance, which can be used to enhance the developmental impact of projects.

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

RP Global is an IPP with over 35 years of experience in the renewable energy sector. As a developer, investor and operator, the company’s focus is on hydro, 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, building an operating and greenfield PV portfolio in Eastern Europe, and of PPA advisory Pexapark. The company’s headquarters are in Vienna, Austria, and Madrid, Spain.

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