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Renewable energy startup, OneWattSolar, issues $24.4M bond to power off-grid energy projects

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Renewable energy startup, OneWattSolar, issues $24.4M bond to power off-grid energy projects

Nigerian renewable energy startup, OneWattSolar, has secured the first series of its $24.4 Million Green Bond Issuance Program which comprises a 7-year Green Bond Issue of $4.9 million and a 7-year Green Sukuk Issue of $2.4 million.

Led by Comercio Partners, a Lagos-based investment bank, the bond issuance was supported by Marble Capital Limited, a Shari’ah Compliant Fund Manager in Nigeria, Bloomfield LP, and Financial Sector Deepening Africa (FSD Africa)

OneWattSolar is a blockchain-driven platform providing cheap solar energy across Nigeria and beyond.

Commenting on the significance of the funding, Jubril Adeojo, Co-Founder & Chief Operating Officer of OWS said,

“This issuance has enabled us to commercially roll out our two flagship products – CHIOMA being the Internet of Things-enabled Digital Assets & Hardware Technology, and AMINA being the Advanced Artificial Intelligence Software Technology.

The two products are strategically designed to deliver excellent service to our customers, as well as to ensure that customers’ experience journey is seamless and memorable.”

With the new funding, OneWattSolar will be able to develop and launch other new customer-centric products.

The company also plans to invest the net proceeds from the issue into purchasing renewable energy assets needed to execute its pipeline of off-grid energy access projects in Nigeria.

The successful outcomes will facilitate the adoption of best market practices and standards to deepen the green bond market.

It is of note that the issuance is the first of its kind in several categories in Africa. In line with this, Steve Osho, Co-Managing Partner of CP Capital, said,

“This is the first hybrid Green Bond and Green Sukuk issued by a corporate in Sub-Saharan Africa and we at Comercio Partners Capital Limited are excited to be the lead issuing house of this historic issue.”

He also revealed that the strategic alliance with OneWattSolar marks a key milestone in the financing strategy of the company.

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