- AFRIGREEN Debt Impact Fund (“AFRIGREEN”) and Empower New Energy (“Empower”) have announced a debt financing deal that will unlock funding for at least 26 commercial-scale solar and battery storage plants across Nigeria.
- The agreement will provide more than 8,000 MWh of clean electricity annually to the off-taker, Justrite Superstores, reducing operational costs, creating dozens of new jobs, and cutting approximately 4,000 tonnes of CO₂ emissions per year.
Under this partnership, AFRIGREEN, managed by a team of dedicated professionals at RGREEN INVEST and advised by ECHOSYS INVEST, will provide long-term senior debt to support Empower New Energy’s solar projects across Nigeria, reinforcing their shared commitment to advancing clean energy and sustainable development in Africa.
The first phase of this partnership will finance solar rooftop installations and battery energy storage systems already built by Empower New Energy and its local partner, Powercell, for Justrite Limited, one of Nigeria’s leading retail chains. These installations will ensure reliable, cost-effective, and sustainable energy solutions, reducing dependence on fossil fuels and supporting Nigeria’s transition to renewable energy.
Founded in 2001, Justrite has grown from a small store with two employees to a rapidly expanding retail chain with 22 purpose-built stores, over 900 employees, and more than 20,000 m² of retail space.
Author: Bryan Groenendaal
