Firm secures €1.5m loan to boost energy generation
To boost Nigeria’s energy generating capacity, Westa Solar has secured a €1.5m mezzanine loan from the Austrian Development Bank (OeEB) provided by the African-Austrian SME Investment Facility (AAIF) of the Federal Ministry of Finance to accelerate the development of solar projects to reduce energy costs and emissions of commercial and industrial energy users in Nigeria.
The firm also announced the commissioning of a 350kWp PV-Diesel hybrid solution for a factory in Kano – Sacvin Nigeria Limited – targeted to enable the company save on its energy costs, reduce its carbon footprint by generating savings of more than N450m over the next 15 years and support its long-term growth ambitions.
Nigeria’s Country Manager, Westa Solar, Kolawole Akinboye, a leading provider of solar power solutions to commercial and industrial companies, said the firm is poised to bring sustainable development to the nation’s energy challenges.
He said: “As a C&I solar developer, we have a vision to make a huge difference in solving the energy needs of manufacturers and heavy industries. Our solar hybrid systems are a great solution for businesses with high energy needs and our systems are fully customised to meet client demand.”
Akinboye noted that the development is also a first step for Sacvin, as plans are underway to expand the solar capacity on its factories to more than 1MWp before the end of 2022.
Commenting on the development, Sacvin Nigeria Director, Jogesh Kathwani, said: “We take great pride in being good stewards of the environment and we are delighted about this partnership with Westa Solar to install solar PV solutions for our operations at substantially lower energy costs offered by this technology. This project would help us save significantly on our power costs, reduce our carbon emissions and achieve our sustainability goals.”
