New solar power producer Westa.Solar has completed construction of a 500 kWp solar PV system on the roof of Petrichor Industries in Nigeria. The new company is a joint venture between RP Global and Oolu Solar.
A new player is entering the solar PV market for commercial and industrial (C&I) customers in Africa. Westa.Solar was recently launched as a joint venture between solar home systems provider Oolu Solar and RP Global, a renewable energy investment company. The new company is starting operations in Nigeria with the installation of a rooftop solar system at Petrichor Industries, a subsidiary of the Petrichor Group.
The new 500 kWp installation was co-financed by Westa.Solar and a grant from the UK Foreign & Commonwealth Development Office. The solar power plant provides Petrichor with almost a quarter of its electricity needs. As a result, it will save the Nigerian company money on its electricity bills by reducing the use of diesel.
At the same time, Petrichor, which has a power purchase agreement (PPA) with Westa.Solar, will reduce its dependence on Nigeria’s national power grid, which is very unstable due to load shedding. “This is the first of what we hope will be many solar power projects for our C&I company in Nigeria. This solar PV installation is expected to save Petrichor more than $235 million over the next 10 years and support its long-term growth ambitions. Our hybrid solar systems are an excellent solution for businesses with high energy needs,” says Kolawole Akinboye, Westa.Solar’s Managing Director in Nigeria.
The new company is entering a Nigerian market that is very saturated, but which offers many opportunities for solar energy providers. Because load shedding and the use of diesel generators cause a significant loss of income for companies in Africa’s largest economy in terms of GDP (gross domestic product), estimated at 514 billion dollars in 2021.