WAKANDA Power is developing its first initiative in Nigeria.
Our goal is to convert 500 commercial establishments to off-grid solar power by 2023.
Together with our local partner, JMG Solar, we bring the experience and know-how to navigate a challenging local and institutional context, and the client-relations with over 1,000 businesses across Nigeria.
JMG's client-base from the previous wave of generator expansion over the past 20 years includes over 1,000 commercial establishments across Nigeria. By 2008 JMG had earned its ISO 9001 certification. Their factory in lagos meets the highest standards and looks extremely clean, modern and well-organised. Together with Wakanda Power's financial structure and partnerships we now plan to convert businesses across nigeria to Solar power in order to reduce their use of diesel and other fuels and reduce their monthly electricity bills.
In order to develop a pipeline of projects at this scale, the financial proposal must be a no-brainer to clients who want to save money, get a stable electricity price over time and reduce diesel-fuel emissions.
Over the past 2-3 years the price of Solar has been about 20-40% cheaper than combined diesel generators and electricity from the grid, if the solar system is paid for at a set-price over 15 years (excluding the foreign exchange risk).
However, when the currency risk is taken into consideration, the price of this risk or the risk itself over time is passed on to the local counterparts, either the offtaker &/or the energy provider (Nigeria doesn't produce these solar systems so it must import the parts and assemble them locally - this requires investments in a non-Naira currency such as the Euro or the Dollar).
We are therefore developing a partnership between a development agency (like the World Bank, the AfDB and GIZ), a financial hedging partner and ourselves to co-develop a deal that will enable us to expand to 1,000 commercial establishments by 2023.
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