Solar investor Empower raises USD 74m to proceed with new projects in Africa

Africa-focused solar developer and impact investor Empower New Energy announced today it has recently raised USD 74 million (EUR 71.3m) in equity, which has allowed it to make new investments in Morocco and Nigeria.

The capital raise was led by Climate Fund Managers (CFM), with participation from investment funds Norfund of Norway and Janeiro Energy of Brazil. Empower expects the fresh capital to enable it to deliver some 240 GWh of clean electricity. The company’s goal is to develop, finance, own and operate an initial 150 MW of solar projects for commercial and industrial (C&I) in Africa over the next four years.

As per its new investments, Empower said it is spending a total of USD 3 million on a 2-MWp rooftop solar project at four sites in Morocco, backed by a 16-year off-take contract with local agro-alimentary group Zalar Holding, and on a 1-MWp ground-mounted solar plant at the agro-processing factory of Harvest Farms in Abeokuta, Nigeria, under a 12-year power sales deal. In Morocco, Empower is working together with Jet Energy, while in Nigeria its partner is Dartz Technology.

“Africa needs more than a tripling of yearly investment to meet its CO2 mitigation targets and energy needs. We are thrilled by the opportunity to work with CFM, Norfund and our other investors to scale up local solar and hybrid power plants in Africa,” commented Terje Osmundsen, founder and CEO of Empower New Energy.

(USD 1 = EUR 0.964)

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