Leading international renewable energy company, Growth Energy, has empowered Africa’s industries and communities with clean energy.
The firm headquartered in France and with operations across Nigeria, Burundi, and Tanzania (Zanzibar), covering East and West Africa, is redefining the way Solar projects are deployed for industries and gated communities, leveraging on cutting-edge technology, machine learning, and advanced Internet of Things (IoT) integration on its projects.
Worried by the energy crisis in several African countries, despite the continent’s abundant renewable resources and the need to participate in the global fight against climate change, Growth Energy has taken on this challenge as a technology-enabled developer and Engineering, Procurement and Construction (EPC) Company for Solar PV projects in Africa, facilitating the flow of global capital to support the clean energy transition. Growth Energy develops, finances, and deploys clean power plants for industries and gated African communities, working with global African-focused financing partners like Empower New Energy.
The company offers flexible models such as power purchase agreements or hire-purchases, eliminating the need for upfront investments from its customers or power off-takers. This approach allows customers to focus on their core activities while reducing overheads and contributing to a greener future. This strategic move aligns with the broader goal of contributing towards the achievement of the sustainable development goals.
Growth Energy was recently represented by its Managing Director, Mr John Okoro, at the Powerelec Nigeria Conference 2024, themed, ‘Vision to Action: Pioneering Sustainable Power Solutions for Economic Growth in Africa’.
The firm showcased its solutions in interactions with business partners, company owners, and other industry stakeholders and was accompanied by the local partner – Reomond, represented by Mr Olumide Oluwole, Director of Operations.
Growth Energy’s financing partner, Empower New Energy was in attendance, with the CEO, Mr Terje Osmundsen delivering a keynote address during one of the sessions with a focus on ‘Tips and Tricks to get your Solar Projects Finance’.
During his keynote address, he highlighted key requirements for financing solar projects for industries and businesses, including land requirements, KYC checks, and payment risk assessment, among others.
Osmundsen emphasised the need to check vested interests around diesel theft which despite the clear examples of the viability of solar has left many industries still burdened by the rising costs of diesel power and the dwindling availability of grid electricity whose reliability is hampered by the below cost-reflective grid tariff. Although Nigeria’s electricity regulatory environment has improved over the years, and actors agree that the market has a huge growth potential, no one is yet scratching the surface of the market potential.
