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Empower New Energy with first solar investments in Morocco and Nigeria 

Standing from the left: Susie Cook, Empower New Energy; Sebastian Surie, Regional Head of Africa, CFM; Terje Osmundsen, Ørjan Alexander Pedersen, Empower New Energy. Sitting; Svein Harald Øygård, Janeiro Energy, Tarun Brahma CFM, Pål Helgesen, Norfund. Photo: Empower New Energy.
By Linea Bancel|Published 01 December 2022|Category: News

Empower completes USD74m equity raise from CFM, Norfund, and Janeiro Energy
– makes first solar investments in Morocco and Nigeria. 

The company is connected to Energy Valleys innovation platform Energy Invented

With the successful completion of the USD74 million equity fund-raising led by Climate Fund Managers (CFM) and including Norfund and Janeiro Energy, Empower New Energy announces the execution of two new solar investments totaling USD 3 million in Morocco and Nigeria, they write in their press release. 

“Africa needs more than a tripling of yearly investment to meet its CO2 mitigation targets and energy needs. We are thrilled by the opportunity to work with CFM, Norfund, and our other investors to scale up local solar and hybrid power plants in Africa,” says Terje Osmundsen, founder and CEO of Empower New Energy.

One of the leading renewable investment platforms

The equity raise and these first projects pave the way for Empower New Energy (Empower) to develop, finance, own, and operate an initial 150 MW of solar projects in Africa over the next four years, transforming Empower into one of the leading renewable investment platform companies serving the commercial and industrial(C&I) sector in Africa.  

The investment of USD 74 million will enable the company to deliver approximately 240 GWh of clean electricity produced locally, avoid more than 200,000 tons of CO2 per year and create or protect approximately 15,000 jobs.

As an impact investor, 1% of the revenues generated by Empower’s projects will be deployed into a community development program focused on delivering high impact in socially disadvantaged communities in Africa.

Providing clean, reliable, and affordable solar energy

“Climate Investor One has been a strong supporter of the commercial and industrial (C & I) solar sector throughout Asia, where it has successfully invested in platforms with over 700 MW of additional capacity. Through our investment in Empower New Energy we are committed to replicating this model and its benefits on the African continent, supporting Empowers ambition to become a leading C&I Platform for Africa.” says Sebastian Surie of Climate Fund Managers.

“Empower has developed a business model that provides commercial and industrial customers with clean, reliable, and affordable solar energy that helps cut both costs and emissions. Norfund is pleased to continue our partnership with Empower and increase our investment in this fundraising round,” adds Anders Blom of Norfund.

The first solar investments, totaling USD 3 million, include Empower’s inaugural project in Morocco in collaboration with a local partner, Jet Energy.

3000 tons of CO2 saved per year

Empower finances the construction and operation of 4 solar rooftop plants located in Had Soualem, Atlas, Fes, and Mediouna totaling 2 MWp under a 16-year offtake contract with the Moroccan agro-alimentary group, Zalar Holding.

The investment by Empower into its second project in Nigeria sees a partnership with the Nigerian EPC company, Dartz Technology, to build a 1MWp ground-mounted Solar PV installation at the agro-processing factory of Harvest Farms located in Abeokuta, Nigeria, under a 12-year Power Sales Agreement. The two investments are estimated to result in approximately 3000 tons of CO2 saved per year.

Throughout the capital raise investment process, Empower New energy was advised by Martin Poulsen of Acacia’s Sustainable Business advisors