Solar Company Boosts Nigeria’s Power Sector With $26 Million Investment

, Magazine

Azuri Technologies, a pay-as-you-go solar technology provider, has revealed its preparedness to commit $26 million to solar energy production in Nigeria.

Azuri Technology

According to the company’s Chief Executive Officer, Mr Simon Bransfield, the company is collaborating with Fortune Global 500 Company Marubeni Corporation, FTSE 250 Company IP Group PLC, and others to execute the project.

Why it Matters: The CEO asserted the initiative would help grow and deepen the penetration of solar market in Nigeria and other West African countries. He affirmed that Azuri Technologies would be providing solar energy to homes in West Africa on a pay-as-you-go basis. He also mentioned that the scheme would afford consumers flexible and affordable payment options in purchasing energy.

Those not connected to the national grid would have the chance to enjoy off-grid power, the CEO stated. According to him, as long as partners provide capital, Azuri Technologies would expand its operations.

“We are delighted to announce the equity investment of $26 million by Marubeni Corporation and other shareholders. The entry of a leading player in the international energy market demonstrates the increasing maturity of off-grid power and its role in serving the 600 million people in Africa that still lack access to electricity.We believe that Azuri’s unique business model would impact on the Off-Grid energy market in Africa.”                             -Bransfield

On his part, the Chief Operating Officer (Power Business Division) of Marubeni Corporation, Yoshiaki Yokota, confirmed that the global energy market was growing on a daily basis. This has made room for more investor participation.

“The global energy market is evolving rapidly, with the introduction of new renewable technologies and energy-efficient devices. We are delighted to be a strategic partner of Azuri as a market leader and see their solar home solutions and services as catalysts for change in the Africa energy sector and beyond. As an investor in Azuri, we are pleased with its growth to date, with over 150,000 systems sold, positively impacting off-grid households in Africa including Nigeria. Today we are delighted to welcome Marubeni to the business to help power the next exciting phase of growth for Azuri.”

Yokota encouraged stakeholders to exploit the potential in solar energy for growth. He said  Marubeni Corporation and its subsidiaries in and outside Japan leveraged their business networks to advantage.