Solar firm OneWattSolar raises US$24.4m for its off-grid renewable energy project

AFRICA – Blockchain-powered solar firm OneWattSolar has announced a successful issuance of the first series of its US$24.4 million Green Bond Issuance Programme, comprising of a US$4.9 million in a 7-year Green Bond Issue (Tranche I) and a US$2.4 million 7-year Green Sukuk Issue (Tranche II). 

OneWattSolar says the issuance is the first of its kind in several categories in Africa; the first Corporate Green Bond for Off-Grid Renewable Energy Project, Corporate Green Sukuk, and Corporate Joint Green Bond and Green Sukuk; and it is the 13th Green Sukuk in the world. 

According to Jubril Adeojo, Co-Founder & Chief Operating Officer of OWS: “This issuance has enabled us to commercially roll out our two flagship products – CHIOMA being the Internet of Things-enabled Digital Assets & Hardware Technology, and AMINA being the Advanced Artificial Intelligence Software Technology. The two products are strategically designed to deliver excellent service to our customers, as well as to ensure that customers’ experience journey is seamless and memorable.”

With the funding, OneWattSolar aims to develop and roll out new customer-centric products and the company intends to allocate the net proceeds from the issue to purchase renewable energy assets required to implement its pipeline of off-grid energy access projects in Nigeria and support the adoption of best market practices and reporting standards to deepen the green bond market.

Steve Osho, Co-Managing Partner & Managing Director of CP Capital: “This is the first hybrid Green Bond and Green Sukuk issued by a corporate in Sub-Saharan Africa and we at Comercio Partners Capital Limited are excited to be the lead issuing house of this historic issue. Our strategic relationship with OWS is in line with our philosophy of value creation. Following the launching of the Nigerian Green Bond Market Development Programme ably supported by FSD Africa in 2018, we at Comercio Partners have been driving the essence of impact investing and the strategic alliance with OneWattSolar marks a key milestone in the financing strategy of the Company. Therefore, the issuance of this hybrid Green Sukuk Bond was a good call towards reemphasizing our commitment in green financing.”

Comercio Partners Capital Limited, the investment banking subsidiary of Comercio Partners Limited, led the bond issuance as Issuing House/Financial Advisers.

The issue was also supported by Marble Capital Limited as Shariah Advisor, and Bloomfield LP as Legal Advisers.

In addition, Financial Sector Deepening Africa (FSD Africa) provided immense technical assistance in support of the Issue. 

The issuance is consistent with the Company’s mission and mandate to accelerate and build on the achievements of Africa’s decarbonization pathway goals in the energy sector.

Essentially, the company’s goal is to provide over 14GW off-grid solar energy by 2030 across Sub-Saharan Africa.

Furthermore, the issuance reinforces the Company’s unfettered commitment to the United Nations Sustainable Development Goals (SDGs) and Paris Agreement on Climate Change leveraging its innovative and scalable business model that is consciously built on strategic partnership, advanced technologies, and Big Data.

Liked this article? Subscribe to DealStreet Africa News, our regular email newsletter with the latest news, deals and insights from Africa’s business, economy and more. SUBSCRIBE HERE

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.