AFRIGREEN Debt Impact Fund (“AFRIGREEN”) and Empower New Energy (“Empower”) have announced a strategic debt financing agreement to support the development of at least 26 commercial-scale solar and battery storage plants across Nigeria. The initiative will deliver over 8,000 MWh of clean electricity annually to Justrite Superstores, significantly lowering energy costs, creating new jobs, and cutting around 4,000 tonnes of CO₂ emissions each year.
AFRIGREEN, managed by RGREEN INVEST and advised by ECHOSYS INVEST, will provide long-term senior debt to fund Empower’s renewable energy projects, reinforcing both organizations’ commitment to clean energy and sustainable development across Africa.
The first phase will finance rooftop solar and battery storage systems already deployed by Empower and its local partner, Powercell, for Justrite Limited—one of Nigeria’s leading retail chains. These systems offer reliable, cost-effective alternatives to fossil fuels and support Nigeria’s broader clean energy transition.
Founded in 2001, Justrite has grown from a small retail outlet into a major chain with 22 stores, over 900 employees, and more than 20,000 m² of retail space.
“We are excited to collaborate with Empower in delivering impactful renewable energy projects in Nigeria,” said Olivier Leruste, Managing Partner at ECHOSYS INVEST. “This financing exemplifies AFRIGREEN’s role in accelerating the deployment of solar energy solutions for commercial and industrial companies in Africa. Empower and Justrite are showcasing the economic and environmental benefits that solar with battery storage can bring to Nigerian businesses.”
Empower New Energy’s CEO, Terje Osmundsen, commented , “This agreement with AFRIGREEN Debt Impact Fund is a significant milestone in our mission to expand access to clean energy across Africa. By supporting projects like the Justrite solar rooftops with battery storage, we are not only reducing carbon emissions but also improving energy security and lowering electricity costs for businesses.”
Justrite Founder and Chairman, Mr. Ayo Aderinwale, added: “Optimizing our buildings to provide solar energy with storage is a vital part of our journey to build the most sustainable and future-proof grocery chain in Nigeria.”
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