Lagos, Oslo, Abidjan and Paris, April 23, 2025 – AFRIGREEN Debt Impact Fund (“AFRIGREEN”) and Empower New Energy (“Empower”) are pleased to announce a debt financing deal that will unlock funding for at least 26 commercial-scale solar and battery storage plants across Nigeria. The agreement will provide more than 8,000 MWh of clean electricity annually to the off-taker, Justrite Superstores, reducing operational costs, creating dozens of new jobs, and cutting approximately 4,000 tonnes of CO₂ emissions per year.
Under this partnership, AFRIGREEN, managed by a team of dedicated professionals at RGREEN INVEST and advised by ECHOSYS INVEST, will provide long-term senior debt to support Empower New Energy’s solar projects across Nigeria, reinforcing their shared commitment to advancing clean energy and sustainable development in Africa.
The first phase of this partnership will finance solar rooftop installations and battery energy storage systems already built by Empower New Energy and its local partner, Powercell, for Justrite Limited, one of Nigeria’s leading retail chains. These installations will ensure reliable, cost-effective, and sustainable energy solutions, reducing dependence on fossil fuels and supporting Nigeria’s transition to renewable energy.
Founded in 2001, Justrite has grown from a small store with two employees to a rapidly expanding retail chain with 22 purpose-built stores, over 900 employees, and more than 20,000 m² of retail space.
“We are excited to collaborate with Empower in delivering impactful renewable energy projects in Nigeria,” said Olivier Leruste, Managing Partner at ECHOSYS INVEST. “This financing exemplifies AFRIGREEN’s role in accelerating the deployment of solar energy solutions for commercial and industrial companies in Africa. Empower and Justrite are showcasing the economic and environmental benefits that solar with battery storage can bring to Nigerian businesses.”
Empower New Energy’s CEO, Terje Osmundsen, added, “This agreement with AFRIGREEN Debt Impact Fund is a significant milestone in our mission to expand access to clean energy across Africa. By supporting projects like the Justrite solar rooftops with battery storage, we are not only reducing carbon emissions but also improving energy security and lowering electricity costs for businesses.”
Justrite Founder and Chairman, Mr. Ayo Aderinwale, emphasized the company’s commitment to sustainability: “Optimizing our buildings to provide solar energy with storage is a vital part of our journey to build the most sustainable and future-proof grocery chain in Nigeria.”