Solar energy provider Westa Solar is to obtain a $1.8 million loan. The loan is from the Austrian Development Bank (OeEB) to supply solar photovoltaic energy to commercial and industrial (C&I) customers.
Westa Solar is gaining the means to expand its business in Nigeria. The Abuja-based company has secured a £1.5 million ($1.8 million) mezzanine loan from the Oesterreichische Entwicklungsbank AG (OeEB). The Austrian development bank is providing the financing under the Austrian Federal Ministry of Finance’s Investment Facility for African-Austrian SMEs (AAIF).
Westa Solar will use the financing to accelerate the development of its activities in Nigeria. In the West African country, where power outages affect business productivity, Westa finances and installs solar systems for commercial and industrial (C&I) customers. This financing is announced almost a year after obtaining a first mezzanine loan of €1.5 million from OeEB.
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This financing supports the expansion of Westa’s solar activities. The company has just commissioned a 148 kWp solar photovoltaic system for Froot MultiTrade, a brewing company based in Kano in northern Nigeria.
Westa also commissioned a 600 kWp solar system to power the factory of Sacvin Nigeria, a producer of polyvinyl chloride (PVC) pipes for electrical systems and water pipes. The company, co-led by Vincenzo Capogna and Leo Schiefermueller, is also supported in its activities by the venture capital firm Persistent Energy Capital.
Jean Marie Takouleu
