Solar-as-a-service provider launches solar projects in Nigeria
- Solar-as-a-Service provider ecoligo implements first solar power project in Nigeria
- 178-kWp plant supplies manufacturing company TLM INVESTMENT LIMITED
- Private investments enable sustainable and secure power generation in Africa’s largest economy
Berlin/Lagos, July 11, 2022. ecoligo, the solar-as-a-service provider that develops and implements crowd-funded projects in emerging markets, is expanding to Nigeria with its first solar project. For the manufacturing company TLM INVESTMENT LIMITED, founded in 2004, ecoligo installs a solar plant with a capacity of 178 kWp in Lagos.
After Ghana, Kenya, Côte d’Ivoire and Uganda, Nigeria is the fifth African country in which ecoligo is active. Africa’s most populous state is considered the continent’s largest economy and offers good climatic conditions for solar power generation. However, large parts of the population and the economy are not connected to the power grid and often obtain their electricity from diesel generators, which are environmentally harmful and prone to breakdowns. Producing their own solar power offers local businesses the opportunity for a low-cost, environmentally friendly and reliable energy supply.
This is exactly where ecoligo comes in. To further exploit the potential for solar energy and enable more Nigerian businesses to use renewables, the solar-as-a-service provider continues to expand its local network in the country. Thus, the solar project for TLM INVESTMENT LIMITED is to be followed by others in the future.
For its impact investors, ecoligo divides this first solar project in Nigeria into two campaigns, each with a funding volume of 92,000 euros.
“Switching to solar energy is often associated with major hurdles, especially financial ones, for companies in emerging markets. Often, financing of prosumer plants by domestic banks encounters difficulties and the technical know-how is also not widely available,” says CEO and co-founder Martin Baart. “That’s why ecoligo is committed to Nigeria to drive solar expansion there through private investment and in cooperation with local EPC partners.”
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