Firm to invest $26m equity on solar

SolarAzuri Technologies plans investing $26 million on production of solar energy in Nigeria, its Chief Executive officer, Simon Bransfield, has said.

He said the firm is investing the money in conjunction with Fortune Global 500 Company Marubeni Corporation, FTSE 250 Company IP Group plc and others, adding that the development would help in improving the growth of solar market in the Nigeria and other countries in West Africa.

He said the firm would be providing solar energy to homes in West African sub region on Pay-As-You-Go services, adding that the development would provide consumers with flexible and affordable modes of payment for such energy.

He said the method would enable people that are not connected to the national grid to enjoy electricity from Off- Grid segment of the power industry.

He said the firm would expand its operation, as long as capital is coming from partners.

Bransfield said: ‘’ We are delighted to announce the equity investment of $26milion by  Marubeni Corporation and other shareholders. The entry of a leading player in the international energy market demonstrates the increasing maturity of off-grid power and its role in serving the 600 million people in Africa that still lack access to electricity.We believe that Azuri’s unique business model would impact on the Off-Grid energy market in Africa.

Also, the Chief Operating Officer, Power Business Division at Marubeni Corporation, Yoshiaki Yokota, said the global energy market is growing by the day, as more investors are investing in it.

“The global energy market is evolving rapidly, with the introduction of new renewable technologies and energy-efficient devices. We are delighted to be a strategic partner of Azuri as a market leader and see their solar home solutions and services as catalysts for change in the Africa energy sector and beyond. As an investor in Azuri, we are pleased with its growth to date, with over 150,000 systems sold, positively impacting off-grid households in Africa including Nigeria. Today we are delighted to welcome Marubeni to the business to help power the next exciting phase of growth for Azuri.”

He said Marubeni Corporation and its subsidiaries use their business networks in

Japan and beyond to advantage, urging stakeholders to harness the potentials in solar and other Off-Grid for growth.

It would be recalled that Marubeni Corporation in solar energy businesses for over 20 years. Set up over 150 years, the company has invested in solar energy for more than 20 years.