SMEFUNDS GoSolarAfrica to Generate 3,000MW Electricity from Rooftop Solar; Acquires New Solar Company


Date: Jan 22, 2015 - Abu Dhabi        News Page

Abu Dhabi - January 22, 2015 - In what Femi Itiola of World Climate described as the 'Huge Energy Game Changer', smefunds GosolarAfrica in the face of increasing energy crises in Nigeria, the most populous black nation, has taken another big leap towards Energy Independence as announced during the 8th Session of the World Future Energy Summit 2015.
GosolarAfrica is planning a new $2million capital to install stand-alone roof top solar PV that will generate 3,000MW electricity within the next two years.

The electricity project, which was unveiled by the Managing Director, GosolarAfrica, Olanrewaju Olowo, is targeting millions of Nigerians that are not connected to the national grid.

It is no longer news that Nigeria currently experiences the worst electricity crisis in Africa.

Olowo reckoned that electricity crisis is the biggest infrastructure bottleneck in Nigeria today as most firms in Nigeria experience power outages 85 percent of the time.

She said, "GosolarAfrica in the face of increasing energy crises in Nigeria, the most populous black nation, has taken another big leap towards deepening the penetration of renewable energy through competitive pricing, premium quality hardware and innovative financing as it targets 1 million residential customers in West Africa by 2017.

This new initiative, according to her, is in response to the yearnings of the consumers for cleaner and more reliable alternative to electricity.

Olowo added that, the installation of stand-alone roof top PV totalling 1,000MW yearly installation capacity that is targeted at reaching 3,000MW by 2017, was the company response to the energy crisis in Nigeria.

While announcing the partnership, Engr. Shobanjo Akinola, CEO Power Tech Solar emphasized the urgency required to quickly connect everyone to renewable energy by investing in cutting edge technology and lowering the cost of Solar energy massively.

According to him, 'getting a right partner to work with has been difficult but today we are delighted to partner with GosolarAfrica to reach 100,000 customers in 2015 alone'.

In the new partnership, GosolarAfrica pledged an undisclosed Investment for a 30% ownership of Power Tech Solar in order to reposition the entity as Africa's largest Clean Energy Company.

SMEFUNDS GoSolarAfrica is a member of the SE4ALL Initiative of the United Nations' High Impact opportunity and currently working with USAID, WinRock International, ECREEE, Nigerian State Governments, EcoBank, AfDB, Almaden, Europe and Systems Sunlight, Greece to implement one of the largest OffGrid power projects in Africa.

The 1-WattSolar Initiative of GoSolarAfrica offer homeowners free Solar Installation with a flexible Rental or Pay as You Go plan.

Mr. Kandeh K. Yumkella, the Special Representative of the Secretary General Ban Ki Moon has said 'it makes no sense to wait for 'Never-will -Happen Big Power Plant' with inhibitive CAPEX and Investment trying to make financial case for ROI while thousands of small institutions are pushing successful small scale distributed electricity and mini grids across the world. More than ever before, Investment in Mini and Micro de-centralised electricity generation will help fix the energy crises that divide over 1 billion people on the globe today noted by Roberto Ridolfi, European Commission Director, Sustainable Growth and Development

"We have removed all barriers and risks. No wait or delays again. We have finally democratised energy in Nigeria" said FemiOye, GoSolarAfrica's Chief Architect.

About GoSolarAfrica
GoSolarAfrica is the frontier and leader in Clean Energy Design and Installation across Africa. SMEFUNDS' Solar Company is making Clean Energy available to Households, Businesses, Schools, Non-Profit and Governments at a low and innovative rental plan never available in the market. GoSolarAfrica is a member of UN-SE4LL High Impact Opportunity Initiate: working with ECREEE, AfDB, Cti-Pfan, REEEP, USAID and Governments. 1-watt Solar Initiative partners World Bank to Create Carbon Exchange platform where customers can earn Solar Credits (STC) on their Solar Installations in Nigeria. www.gosolarAfrica.org; www.1wattSolar.org.

About Power Tech Solar Energy Company
Power Tech Solar Energy Company is a foremost Solar Power Solution Provider in Nigeria. Power Tech Solar is a recipient of International Arch of Europe (IAF) Award and features on Bloomberg TV. The company is the lead Consultant to the Federal Government of Nigeria on Solar Power for 10 years. http://powersolar200.gnbo.com.ng

Contact: http://www.gosolarafrica.org/, t.oguntoyinbo@smefunds.com, +44 7424 558 777

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