A report issued by the African Solar Energy Industry Association (AFSIA) stated that in a transaction announced at the African Renewable Energy Investment Summit at Cape Town, South Africa last week, Oslo of Oslo, Norwegian (C & I) solar rental enterprise EMPOWER New Energy has received $ 74 million in public funds from investors.
Empower New Energy plans to spend at least $ 100 million in the next three years to install more than 150 mW solar energy and battery systems for more than 50 African companies.
EMPOWER New Energy tied the entire African solar project together to reduce risks and then sell it down. The developer installed and maintains solar energy and batteries for corporate customers who benefit from lower electricity prices.
Since the first round of financing of US $ 7.9 million in 2019, Empower New Energy has installed 5.5 MW solar power generation for African industrial and commercial customers in eight projects in Egypt, Ghana and Nigeria. The first batch of investors included EDFI Electrifi, Norway Development Investment Fund (Norfund) and more than ten other private investors. According to reports, the company also signed a series of 150 MW development projects worth $ 30 million with Egypt, Morocco, Ghana and Nigeria.
EMPOWER New Energy's investment platform was developed with the assistance of the Norway Development Cooperation Office and the African Sustainable Energy Fund. The platform is managed by African Development Bank and has received funding from Denmark, Italy, the United States and British governments.
