Nigeria’s Cleantech startup providing off-grid renewable energy OneWattSolar has announced it issuing a $24m bond to deploy clean energy across Africa. The bond issuance was led by Comercio Partners, a Lagos-based investment bank, and supported by Nigerian Shari’ah complaint fund manager, Marble Capital Limited.
OneWattSolar was created by Jubril Adeojo, the startup aims to deploy 14,000 megawatts of off-grid renewable energy across sub-Saharan Africa to decarbonize the region’s energy sector.
Through the OWS platform, brokers source for clients and engineers that install hardware. Under the supervision of the startup, these engineers mount and ensure the safety of solar panels. In addition, they’ll also be in charge of maintenance, meaning they’ll keep earning as long as the installed hardware is in use.
Jubril Adeojo, co-founder and COO of OWS speaking on the matter said that issuing bonds will help accelerate growth and attract institutional investors interested in investing in the green economy. He opines that the kind of projects the company is embarking on requires long-term funding, making the bond issuance a logical move.
“We partner with a lot of solar companies across the continent that carry out installation and maintenance. What we do is to provide the hardware like, solar panels, inverters, and software to enable the hardware to run seamlessly.”
Adeojo also added that OWS has partnered with solar companies and installers to deploy over 50 megawatts of renewable energy across Nigeria.
With this issuance, the company can accelerate its vision of installing 14,000 megawatts of clean energy in sub-Saharan Africa by 2030.