Norway C&I IPP Empower New Energy Raises USD 74 Million for Solar Projects in Africa

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  • Norwegian solar development and investment company Empower New Energy (Empower) has signed a landmark agreement to raise USD 74 million from a consortium led by Climate Fund Managers (CFM), manager of Climate Investor One (CIO).

The partnership plans to develop, finance, own and operate an initial 150 MW of solar projects in Africa over the next three years. This milestone will see Empower become one of the leading renewable investment platform companies serving the Commercial and Industrial (C & I) market in Empowers’ target markets in Africa.

“This new investment capital will enable Empower and our project partners to solarize more than 50 African companies, reducing electricity costs and CO2 emissions and creating thousands of local jobs. This is the largest single capital raise in Africa’s solar C & I (Commercial and Industrial) market so far”, said Terje Osmundsen, Founder and CEO of Empower New Energy.

At the signing, Andrew Johnstone, CEO of Climate Fund Managers, said; “Over the past few years, Empower has built a unique and scalable investment model for Africa’s C & I market that fits well with the business philosophy of Climate Fund Managers. We are confident that this transaction lays a solid foundation for building a leader in the African renewable energy market”.

Author: Bryan Groenendaal


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