Westa.Solar, a Commercial & Industrial (C&I) Solar Venture in West Africa, has deployed its first Solar Power Purchase Agreement (SPPA) project in Nigeria, with Petrichor Industries as the pioneer beneficiary.
The 500kWp Solar PPA project to Petrichor Industries, a Kano-based packaging products manufacturing company, was announced during the launch of Westa.Solar in Nigeria by RP Global, a renewable energy developer and investor, and OOLU, an energy access solutions provider in West Africa.
An SPPA is a financial arrangement in which a third-party developer owns, operates, and maintains the photovoltaic (PV) system, and a host customer agrees to site the system on its property and purchases the system’s electric output from the solar services provider for a predetermined period.
The 500kWp solar installation will supply Petrichor Industries with almost a quarter of its energy needs as well as improve its resilience against frequent power outages. It will also enable the company to minimise its reliance on diesel generators, thereby reducing both its overall energy costs and carbon footprint.
In monetary terms, the Solar PV installation is projected to help Petrichor generate savings of over N235 million over the next 10 years and support its long-term growth ambitions.
The project, according to a statement by Westa.Solar, was jointly financed by Westa.Solar and a grant from the United Kingdom’s Foreign & Commonwealth Development Office.
Over the next few years, it intends to develop and implement a large pipeline of C&I solar projects in West Africa, supporting business development and increasing penetration of renewable energies across the country.
THISDAY understands that many businesses in Nigeria grapple with growth opportunities as they are constrained by expensive electricity tariffs and an unstable grid, with the frequent stop-start of power outages limiting production and increasing operating and maintenance costs.
The company’s customised solutions provide Petrichor with the security of a low cost, robust and reliable energy source fully adapted to meet its needs.
Speaking on the project, Westa.Solar Nigeria Country Manager, Kolawole Akinboye, explained: “This is the first of what we hope to be many solar power projects for C&I companies in Nigeria. This Solar PV installation is projected to help Petrichor generate savings of over N235 million over the next 10 years and support its long-term growth ambitions.
“Our solar hybrid systems are a great solution for businesses with high energy needs. Ranging from 50kW to 5MW, our systems are fully customised to meet client demand.
“By providing a reliable supply at a competitive price we offer greater financial predictability and contribute to decarbonising the Nigerian energy mix.”