Lagos and Paris, 1 December 2023. Echosys Invest – a joint venture between RGREEN INVEST and Echosys Advisory – and WATT Renewables Corporation, an independently-owned provider of hybrid solar solutions, announce the signature of a framework agreement to enter into a USD 20 million credit agreement which will be made available by AFRIGREEN DEBT IMPACT FUND SLP to WATT’s Nigerian subsidiary First Watt Renewables in order to finance its power plants in the country.
The agreement was signed in presence of his Excellency the Minister for Foreign Trade, Economic Attractiveness and French Nationals Abroad, Olivier Becht, and her Excellency Ambassador of France to Nigeria, Emmanuelle Blatmann during the Economic Summit of the Franco-Nigerian Chamber of Commerce which was held in Lagos on November 23, 2023.
The funds will be used to finance the hybrid solar photovoltaic power plants (emissions of projects below 250gCO2e/kWh in any case, including diesel peakers) to be built and operated by First Watt Renewables for its commercial and industrial clients in Nigeria, in particular in the telecommunication and the financial service sectors.
Sherisse Alexandar, Chief Business Officer, WATT, commented: “We are incredibly excited to announce this new agreement with AFRIGREEN Debt Impact Fund. This deal will supercharge our plans to develop the solar hybrid solutions needed to unlock the economic potential of Nigeria, and deliver the clean, reliable power so many businesses demand. AFRIGREEN’s track record in supporting African solar technology projects made this agreement an easy decision, and we cannot wait to see what this partnership can unlock.”