- Norway’s Empower New Energy and Multiconsult have entered a partnership aiming to accelerate renewable energy projects in Africa through due diligence services, development of financial models, country specific assistance advisory and general commercial advisory.
- The partnership is enabled through support from the Sustainable Energy Fund for Africa (SEFA), a fund managed by the African Development Bank.
Empower has through its impact investment platform invested in eight solar power plants with industrial and commercial off takers in Egypt, Ghana and Nigeria and is now about to scale up to execute its pipeline of more than 150 MW of solar PV of distributed solar across Africa. The partnership agreement with Multiconsult will strengthen the quality assurance of Empower’s investments, in terms of technical and HSSE (Health, Safety, Social, Environment) matters.
Terje Osmundsen Empower CEO & Founder stated, “We are delighted to enter this partnership with Multiconsult. The potential of the commercial and industrial renewable energy market in Africa is significant but requires highly tailored solutions that reflect the specific needs of companies. As Empower scales up this year, combining our unique investment model with Multiconsult’s due diligence will reduce risks and help to provide clean, less expensive and more reliable energy for even more commercial and industrial businesses across Africa”.
“We are very excited to enter this partnership with Empower New Energy. The combination of Empower’s ambitious commercial approach on the one side and Multiconsult’s long-standing experience and insight into technical, financial and not least environmental, social and governance aspects of renewable energy project development. This kind of deal advisory services is a key focus area for us. Empower is a true champion of sustainable investments and we are supporting their journey through ensuring the due diligence of the projects in their portfolio,” said Mari Sofie Furu, Head of Section of Multiconsult’s Renewable Energy Advisory Services.
Author: Bryan Groenendaal