With a rapidly growing population and a soaring demand for energy to fuel its economic growth, Nigeria's renewable energy market is expected to reach an energy capacity of 2.94 GW by the end of 2023.

To capitalize on the growing demand, WATT Renewable Corporation (WATT), a Nigerian company specializing in hybrid solar solutions, has secured a significant boost of $13 million in funding to advance clean energy solutions in Nigeria.

WATT's hybrid solar solutions benefit mobile network operators, financial service providers, and various businesses across Africa. Their Energy-as-a-Service model not only increases power reliability to an impressive 99.9% but also extends access to sustainable power sources for local communities.

The $13 million funding came from Empower New Energy, a renewable energy financier and co-developer that finances, builds and owns clean power plants for commercial, industrial and agricultural energy users.

This funding marks a significant milestone for both companies. For Empower, it is the largest investment made to date. For WATT, it means an addition of 8MW of installed generating capacity and 14.3MWh of storage capacity through comprehensive services and tower operations in Nigeria.

Beyond the financial aspect, this investment carries substantial environmental benefits. It's expected to reduce diesel consumption by about 3,000,000 litres annually, preventing approximately 7,039 metric tons of CO2 emissions each year.

The company said this significant investment will catalyze its efforts in advancing renewable energy solutions in Nigeria. This represents a substantial step towards nurturing a cleaner and more sustainable environment, closely aligned with the global endeavour to combat climate change.

In a separate development underscoring the booming renewable energy market in Nigeria, another competitor in the renewable market Auxano Solar, an indigenous solar solution provider company, recently launched a 100 megawatts (MW) automated Solar PV manufacturing plant after securing a $2 million investment.