HomeEnergyEmpower New Energy, Powercell Sign Largest Solar Deal For $6.5m In Lagos

Empower New Energy, Powercell Sign Largest Solar Deal For $6.5m In Lagos

Lagos, Nigeria – Renewable energy company, Empower New Energy, has signed a $6.5 million solar deal in collaboration with a Nigerian company, Powercell Limited to develop a renewable energy project in Lagos State.

This was announced by the company’s Chief Executive Officer, Terje Osmundsen in a post via his LinkedIn account on Monday.

According to Osmundsen, the deal is the company’s largest solar investment so far. He wrote, “This morning, in the presence of Norway’s Foreign Minister; Anniken Huitfeldt Norwegian Ministry of Foreign Affairs, and Lagos State Commissioner Olalere Odusote, I proudly signed the agreement that will result in Empower New Energy’s largest solar investment so far.

“Partnering with Powercell’s Tayo Balogun, the $6.5 million investment will replace diesel generation with solar photovoltaic (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! Thanks to Royal Norwegian Embassy in Abuja Norwegian Energy Partners (NORWEP) Eivind Fjeldstad for organizing the exchange.”

The Lagos state Honorable Commissioner for the Ministry of Energy & Mineral Resources, Olalere Odusote had earlier tweeted that Lagos seeks to increase electricity accessibility and reliability. The state intends to do this in a few ways including creating a sustainable electricity market that will reduce reliance on the national grid, polluting generators and increasing the use of renewable energy in the state. He said:

“It was an honour 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.”

In the Lagos state government electricity policy document, Odusote noted that 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.

His administration believes this will improve the ease of doing business and boost the economic growth of the state.

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