Ignite Power’s Subsidiary Westa Solar Secures $15 Million Investment from AFRIGREEN to Expand Across Africa’s C&I Sector
LAGOS, NIGERIA, Dec 4, 2024 - Ignite Power has secured $15 million in senior debt financing from Afrigreen Debt Impact Fund (“AFRIGREEN”), a leading renewable energy investor focused on Africa, for its subsidiary Westa Solar, which specializes in commercial and industrial (C&I) solar energy.
Ignite Power’s financing model, which includes Power Purchase Agreements (PPAs) and leasing options, allows businesses to adopt solar energy solutions without needing significant upfront capital investments. These financing offerings enable customers to access clean, reliable, and affordable energy solutions, unlocking market potential across a region where energy challenges are profound. With unreliable grid electricity and soaring diesel costs, the demand for alternative energy sources has never been higher.
"With this financing, we can offer businesses innovative financing solutions, eliminating upfront capital requirements and making solar energy accessible to a wider market” Yariv Cohen, Ignite Power CEO
Westa Solar’s Managing Director, Vincenzo Capogna, commented: "The potential for solar energy in the commercial and industrial sectors in Nigeria is immense. Businesses are struggling with unreliable grid power and rising fuel costs, and we believe that Westa Solar’s solutions will provide them with a more reliable, cost-effective, and environmentally friendly alternative. This investment enables us to move faster and bring more projects online, helping to transform the energy landscape in the region.”
Afrigreen fund advisor’s Managing Director, Alexandre Gilles, also expressed excitement about the collaboration: “We are proud to support Ignite Power, a visionary and highly capable player in the C&I solar market. The company’s track record of delivering high-quality projects, combined with the immense market potential in Nigeria and West Africa, makes this partnership an exciting opportunity for us. Our investment is aligned with Afrigreen’s mission to support impactful renewable energy projects, and we look forward to seeing the positive impact that this financing will have on the region’s energy landscape.” He also commented on the innovative hedging instrument developed with the IFC for the deal, emphasizing the significance of creative financing solutions: “Innovative financing mechanisms like the one developed for this transaction are crucial for supporting impactful operations in emerging markets. By mitigating currency risk, we are creating a financial structure that enables companies like Ignite Power to expand their clean energy solutions more effectively, even in challenging economic environments. This type of financial innovation is key to unlocking the full potential of the renewable energy sector in West Africa.”
Full PR Article: https://shorturl.at/L3we4
