Empower´s rooftop solar project for Miniplast Limited in Accra, Ghana. Image credit: Empower New Energy
With the successful completion of the USD74 million equity fund-raising led by Climate Fund Managers (CFM) and including Norfund and Janeiro Energy, Empower New Energy announces the execution of two new solar investments totaling USD 3 million in Morocco and Nigeria.
The equity raise and these first projects pave the way for Empower New Energy (Empower) to develop, finance, own and operate an initial 150 MW of solar projects in Africa over the next four years, transforming Empower into one of the leading renewable investment platform companies serving the commercial and industrial(C&I) sector in Africa.
The investment of USD 74 million will enable the company to deliver approximately 240 GWh of clean electricity produced locally, avoid more than 200,000 tons of CO2 per year and create or protect approximately 15,000 jobs. As an impact investor, 1% of the revenues generated by Empower’s projects will be deployed into a community development programme focused on delivering high impact in socially disadvantaged communities in Africa.
The first solar investments, totalling USD 3 million, include Empower’s inaugural project in Morocco in collaboration with local partner, Jet Energy. Empower finances the construction and operation of 4 solar rooftop plants located in Had Soualem, Atlas, Fes and Mediouna totalling 2 MWp under a 16-year offtake contract with the Moroccan agro-alimentary group, Zalar Holding.
The investment by Empower into its second project in Nigeria sees a partnership with the Nigerian EPC company, Dartz Technology, to build a 1MWp ground mounted Solar PV installation at the agro-processing factory of Harvest Farms located in Abeokuta, Nigeria, under a 12-year Power Sales Agreement. The two investments are estimated to result in approximately 3000 tons of CO2 saved per year.
