• Home
  • Brands
  • About us
  • Privacy Policy
GIZMOAFRICA
  • News
    • Phone
    • Tablet
    • Laptop
    • Gadget
    • Tech
  • Mobiles
  • Comparison
  • Reviews
  • Videos
  • Contact us
No Result
View All Result
  • News
    • Phone
    • Tablet
    • Laptop
    • Gadget
    • Tech
  • Mobiles
  • Comparison
  • Reviews
  • Videos
  • Contact us
No Result
View All Result
GizmoAfrica
No Result
View All Result
Home News Tech

Nigerian cleantech startup, OneWattSolar, issues ₦10b bond to deploy solar energy across sub-Saharan Africa

Mbah Richard by Mbah Richard
July 5, 2021
in Tech
0
OneWattSolar, a startup using digital solutions built on a Blockchain platform to provide off-grid renewable energy has issued a ₦10 billion ($24.33 million) bond to deploy clean energy across sub-Saharn Africa. Announced July 1, 2021, the Green Bond Issuance programme, includes a seven-year Green Sukuk issue of ₦1 billion ($2.4 million). The bond issuance was led by Comercio Partners, Lagos-based investment bank and supported by Nigerian Shari’ah complaint fund manager, Marble Capital Limited. We spoke with Jubril Adeojo, co-founder and COO of OWS and he says issuing bonds will help accelerate growth and “attract institutional investors interested in investing in green economy” Advertisement According to him, the kind of projects the company is embarking on requires long-term funding, making the bond issuance a logical move. Interestingly, this is the first Corporate Green Sukuk in Africa and the first Corporate Green Bond for an off-grid renewable energy project. Adeojo says OWS is setting a standard for corporate organisations hoping to get to issue a Green Sukuk Bond. When asked what qualified the company for the bond issuance, he attributed it to the bankable business model and track record in Nigeria’s renewable energy space. He also stated the role of Financial Sector Deepening Africa (FSD), — UK-funded development agency strengthening financial markets in sub-Saharan Africa — in providing technical assistance to OWS. Why Sukuk? The co-founder says it is to “make history and appeal to Islamic investors to participate in the issuance.” One company, several partners In describing OWS’s business model, Adeojo says it’s like Uber, but for energy services. “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 run seamlessly.” Advertisement Artificial Intelligence (AI) and Blockchain are some of the software used by OWS to facilitate services like payments and monitoring. Breaking down the process of how OWS operates, Adeojo says there are brokers that source for clients and solar companies that install hardware. Through this model he claims, the company creates jobs for young engineers. Supervised by the solar companies, these engineers can also be part of the installation process individually. In addition, they’ll also be in charge of maintenance, meaning they’ll keep earning as long as the installed hardware is in use. The vision of the renewable energy company is to deploy 14,000 megawatts of off-grid renewable energy across sub-Saharan Africa to decarbonise the region’s energy sector. According to the United Nations (UN) Fact Sheet on Climate Change, “Africa is the continent’s most vulnerable to the impacts of climate change,” with 0.8 metric tons of carbon emissions per capita in the year 2000. However, Adeojo says 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. While this isn’t the first time an African startup has resorted to bonds for funding, it’s a relatively new phenomenon. Only time will tell if it’s one that’ll catch on.
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

OneWattSolar, a startup using digital solutions built on a Blockchain platform to provide off-grid renewable energy has issued a ₦10 billion ($24.33 million) bond to deploy clean energy across sub-Saharan Africa.

Announced July 1, 2021, the Green Bond Issuance programme includes a seven-year Green Sukuk issue of ₦1 billion ($2.4 million).

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.

We spoke with Jubril Adeojo, co-founder and COO of OWS and he says issuing bonds will help accelerate growth and “attract institutional investors interested in investing in the green economy”

According to him, the kind of projects the company is embarking on requires long-term funding, making the bond issuance a logical move.

Interestingly, this is the first Corporate Green Sukuk in Africa and the first Corporate Green Bond for an off-grid renewable energy project.

Adeojo says OWS is setting a standard for corporate organisations hoping to get to issue a Green Sukuk Bond.

When asked what qualified the company for the bond issuance, he attributed it to the bankable business model and track record in Nigeria’s renewable energy space.

He also stated the role of Financial Sector Deepening Africa (FSD), — a UK-funded development agency strengthening financial markets in sub-Saharan Africa — in providing technical assistance to OWS.

Why Sukuk? The co-founder says it is to “make history and appeal to Islamic investors to participate in the issuance.”

One company, several partners

In describing OWS’s business model, Adeojo says it’s like Uber, but for energy services.

“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.”

Artificial Intelligence (AI) and Blockchain are some of the software used by OWS to facilitate services like payments and monitoring.

Breaking down the process of how OWS operates, Adeojo says there are brokers that source for clients and solar companies that install hardware.

Through this model he claims, the company creates jobs for young engineers.

Supervised by the solar companies, these engineers can also be part of the installation process individually. In addition, they’ll also be in charge of maintenance, meaning they’ll keep earning as long as the installed hardware is in use.

The vision of the renewable energy company is to deploy 14,000 megawatts of off-grid renewable energy across sub-Saharan Africa to decarbonise the region’s energy sector.

According to the United Nations (UN) Fact Sheet on Climate Change, “Africa is the continent’s most vulnerable to the impacts of climate change,” with 0.8 metric tons of carbon emissions per capita in the year 2000.

However, Adeojo says 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.

While this isn’t the first time an African startup has resorted to bonds for funding, it’s a relatively new phenomenon. Only time will tell if it’s one that’ll catch on.

Tags: OneWattSolar
Previous Post

South Korea leads the globe in 5G download speeds, 10x faster than the US

Next Post

Samsung Galaxy F22 released in India, Price in India and specs

Mbah Richard

Mbah Richard

Richard is a mobile phone/tech enthusiast since he was 12 years old. He has helped over 100 people to make the best decision in buying smartphones and gadgets. Richard is also a computer science student and when not writing about tech, he is found bing watching videos or reading books.

Next Post
Samsung Galaxy F22 Price in India and specs

Samsung Galaxy F22 released in India, Price in India and specs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

LATEST DEVICES

  • Samsung Galaxy S22 Ultra Samsung Galaxy S22 Ultra ₦1,199.00
  • Samsung Galaxy S22 Plus Samsung Galaxy S22 Plus ₦999.00
  • Samsung Galaxy S22 Samsung Galaxy S22 ₦799.00
  • Xiaomi Redmi 10 2022 Xiaomi Redmi 10 2022 ₦149.00
  • Blu G71 Plus Blu G71 Plus ₦160.00
  • Nokia G21 Nokia G21 ₦173.00
  • Trending
  • Comments
  • Latest
Oraimo FreePods 2 review

Oraimo FreePods 2 Review – Best earbuds

February 2, 2022
Romoss sense 8p+ review

Romoss Sense 8P+ 30,000mAh Power Bank Review

March 8, 2021
Infinix phone with a curved display and 160w charging

Infinix phone with a curved display, under-display fingerprint scanner appears online

June 17, 2021
Hisense U50 announced

Hisense U50 announced in Mexico with a Unisoc processor

September 3, 2021
Oraimo FreePods 2 review

Oraimo FreePods 2 Review – Best earbuds

14
iPhone 12 Pro Max GIVEAWAY

16 iPhone 12 Pro Max Christmas GIVEAWAY

1
Tecno Camon 17 series launching in Kenya

Tecno Camon 17 series to be launched in Kenya next week with Mediatek G95

1
Tecno Camon 17 series launching in Kenya

Tecno Camon 17P and Camon 17 Pro unveiled in Nigeria and Kenya

1
Samsung Galaxy A33 specs leaked

Samsung Galaxy A33 specs leaked, could be the cheapest phone with IP rating

March 5, 2022
Samsung Galaxy M33

Samsung Galaxy M23 and the Galaxy M33 announced with big batteries

March 4, 2022
Samsung Galaxy A13 and A23 announced

Samsung Galaxy A13 4G and A23 4G announced with 5000mAh battery, quad camera and more

March 4, 2022
OnePlus 10

OnePlus 10 live image may have been leaked

March 4, 2022

Recent News

Samsung Galaxy A33 specs leaked

Samsung Galaxy A33 specs leaked, could be the cheapest phone with IP rating

March 5, 2022
Samsung Galaxy M33

Samsung Galaxy M23 and the Galaxy M33 announced with big batteries

March 4, 2022
Samsung Galaxy A13 and A23 announced

Samsung Galaxy A13 4G and A23 4G announced with 5000mAh battery, quad camera and more

March 4, 2022
OnePlus 10

OnePlus 10 live image may have been leaked

March 4, 2022
GizmoAfrica

Stay informed about the latest technology trends especially smartphones and gadgets.

Follow Us

Browse by Category

  • Gadget
  • Laptop
  • News
  • Phone
  • Reviews
  • Tablet
  • Tech
  • Videos

SUBSCRIBE BELOW

Click here and subscribe and be the first to receive notifications about the latest update regarding smartphones and gadgets. With GizmoAfrica, you will never lack information about smartphones again.

Recent News

Samsung Galaxy A33 specs leaked

Samsung Galaxy A33 specs leaked, could be the cheapest phone with IP rating

March 5, 2022
Samsung Galaxy M33

Samsung Galaxy M23 and the Galaxy M33 announced with big batteries

March 4, 2022
  • Home
  • Privacy Policy
  • About us
  • Contact us

© 2020 - 2022 GizmoAfrica.com

No Result
View All Result
  • HOME
  • News
    • Phone
    • Tablet
    • Laptop
    • Gadget
    • Tech
  • Reviews

© 2020 - 2022 GizmoAfrica.com