Empower New Energy Secures $6.5 Million Solar Deal in Lagos

Empower New Energy has signed a $6.5 million solar deal in Lagos. The deal is the company’s largest solar investment so far.
Empower New Energy is collaborating with a Nigerian company, Powercell Limited, to develop a renewable energy project. Empower New Energy is a renewable energy financier and co-developer that finances, builds, and owns clean power plants for commercial, industrial, and agricultural energy users.
“This morning, in the presence of Norway’s Foreign Minister Anniken Huitfeldt Norwegian Ministry of Foreign Affairs Lagos State Commissioner Olalere Odusote, I proudly signed the agreement that will result in Empower New Energy’s largest solar investment so far.” Writes the CEO of Empower New Energy, Terje Osmundsen on LinkedIn, and adds:
“Partnering with Powercell Tayo Balogun the 6,5 MUSD investment will replace diesel generation with solar PV and batteries at 10 stores of the amazing Justrite Limited group, a company dedicated to bringing healthy groceries to unserved communities in Nigeria. A great step forward!”
Providing support for areas with low power supply
Nairametrics writes that Lagos seeks to increase electricity accessibility and reliability. Lagos State Honorable Commissioner for the Ministry of Energy & Mineral Resources, Olalere Odusote writes in a series of tweets:
“It was an honor to have joined the Governor and other members of the cabinet to meet Mr. Shubham Chaudri, Country Director Nigeria, Western and Central Africa of the World Bank. We had conversations about the Lagos Platform for Development (LAPD) Initiative and the technical support offered by the World Bank towards this initiative. The LAPD prioritizes preliminary ideas of investment, prioritization, and project bankability.”
“Some of the potential projects include actualizing the emerging Lagos electricity market by creating an Independent Systems Operator and setting up the State Electricity regulator. We will also provide support for areas with low power supply using renewable energy sources,” writes Ministry of Energy & Mineral Resources, Olalere Odusote on Twitter.
Increasing the use of renewable energy
The state intends to increase accessibility and reliability in a few ways including creating a sustainable electricity market that will reduce reliance on the national grid and polluting generators and increasing the use of renewable energy in the state.
The Policy will serve as a key enabler for Lagos State’s aspiration to become an advanced economy by driving the achievement of universal access to reliable and affordable electricity in the state. Odusote believes that his administration will improve the ease of doing business and boost the economic growth of the state.
1GW of solar energy in Lagos by 2030
The Lagos State Governor, Babajide Sanwo-Olu, said that the constitutional amendment granting states the power to generate, transmit and distribute electricity has helped Lagos state in its quest to develop the Lagos Electricity Market.
“We are committed to achieving 1 gigawatt (GW) of solar energy in Lagos by 2030 and have engaged with the World Bank for suitable funding. With the creation of the Lagos Electricity Market, we will fulfill our potential as Africa’s model mega city,” says Lagos State Governor, Babajide Sanwo-Olu.