Westa.solar secures US$1.58M mezzanine loan to develop solar projects in Nigeria

NIGERIA – Westa.solar, a leading provider of solar power solutions to commercial and industrial companies in West Africa has secured US$1.58 million mezzanine loan to develop solar projects in Nigeria.

The loan has been provided by the Development Bank of Austria (OeEB) provided by the African-Austrian SME Investment Facility (AAIF) of the Federal Ministry of Finance.

The fund will allow westa.solar to accelerate the development of solar projects to reduce energy costs and emissions for commercial and industrial customers in Nigeria.

Additionally, the firm also announced the commissioning of a 350kWp PV-Diesel hybrid solution for one of the Sacvin Nigeria Limited factories in Kano.

The established Power Purchase Agreement (PPA) enables the company to significantly reduce both its energy costs and carbon footprint.

It is also only a first step, as westa.solar together with Sacvin plan to expand the solar capacity for their factories to more than 1MWp before the end of 2022.

As a C&I solar developer, we have the vision to make a huge difference in solving the energy needs of manufacturers and the heavy industries in Nigeria and this installation is just another step towards the pathway of our vision,” said Kolawole Akinboye, westa.solar’s Country Manager in Nigeria.

“It is projected to help Sacvin generate savings of more than N600 million (US$1.44 million) over the next 15 years and support its long-term growth ambitions.”

Akinboye also added that the company’s solar hybrid systems are a great solution for businesses with high energy needs and are fully customized to meet clients’ demands.

By providing a reliable supply at a competitive price, westa.solar offer greater financial predictability and helps power the client’s businesses for future growth and profitability.

We take great pride in putting our best foot forward in protecting the environment and are excited about this partnership with westa.solar to install solar PV solutions for one of our operations in Kano, Nigeria,” said Jogesh Khatwani, Director at Sacvin Nigeria Limited.

 “This project would help us significantly save on our power costs, reduce our diesel-generated carbon emissions, and achieve our sustainability goals.”

The company’s plan to meet Nigeria’s electricity daily demand is estimated at 17,520 MW in cooperation with other producers in the sector.

Currently, the West African country has a peak generation capacity being 5,300 MW which is insufficient to meet the demand.

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