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westa.solar Secures €1.5 Million Loan to Expand its Solar Projects in Nigeria

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In Nigeria, a leading solar energy solutions provider named westa.solar has secured a mezzanine loan of €1.5 million from the Austrian Development Bank (OeEB). The resources for the financing are provided by the African-Austrian SME Investment Facility (AAIF), managed by the OeEB and operated under the Austrian Federal Ministry of Finance.

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The funds will be utilized by westa.solar to accelerate its business growth in Nigeria, where the company is highly active in the commercial and industrial (C&I) power sector. The Lagos-based company is a joint venture between solar home systems provider, Oolu Solar, and the renewable energy investment company, RP Global.

westa.solar recently announced the commissioning of a 350 kW solar-Diesel hybrid system for Sacvin Nigeria Limited, a PVC pipes manufacturing company located in Kano. The hybrid facility will enable the company to save its energy costs, reduce its carbon footprint and support its long-term growth ambitions. Sacvin is also going to expand the solar capacity by 1 MW in their factories, before the end of 2022.

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Kolawole Akinboye, westa.solar’s Country Manager said “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. Our solar hybrid systems are a great solution for businesses with high energy needs and our systems are fully customized to meet client demand.”

Nigeria’s peak generation capacity is nearly 5,300 MW whereas the daily power demand is estimated at 17,520 MW. The continuous inadequacy of the power grid in meeting electricity demands has been a concern for the energy experts as it has become a major setback for the industries. The hybrid solar-diesel system of westa.solar is an effective power solution for the growth and profitability of the manufacturing industries.

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