Empower new energy plans over $100mn solar investment in Africa

Empower New Energy, under the leadership of CEO Terje Osmundsen, is spearheading a movement towards renewable energy in Africa, particularly focusing on the benefits of solar power for commercial and industrial businesses. Osmundsen believes that businesses in Africa can significantly reduce their energy costs and improve profitability by transitioning to solar power. Speaking to CNBC Africa's Akin Obakeye at the commissioning of Justrite's Solar PV and BESS, Osmundsen highlighted the positive impact of investing in solar power and batteries for businesses. He emphasized that by shifting to solar power, companies could reduce their reliance on diesel power and traditional grid systems, which could lead to a significant decrease in operational costs, improved energy security, and a positive impact on environmental sustainability. The CEO revealed that Empower New Energy plans to invest over $100 million by 2025 in similar projects across Africa. Osmundsen stressed that now is the ideal time for businesses in Africa to make the transition to solar energy due to the decreasing costs of solar technology, rising alternative energy prices, and increasing pressure on companies to reduce carbon emissions. Empower New Energy has seen success in countries across East and West Africa, showcasing the rapid progress that can be made in adopting renewable energy solutions. Osmundsen highlighted the importance of access to finance in driving business involvement in the renewable energy sector. He explained that businesses could enter into long-term contracts without upfront payments by partnering with investors and technical experts to develop customized energy solutions. This approach not only benefits the energy users by providing cost-effective and sustainable energy but also offers returns on investment for investors. Osmundsen urged business leaders in Africa to assess their energy bills and carbon footprint to realize the potential benefits of transitioning to solar energy. Looking ahead, Empower New Energy aims to significantly expand its investment in solar projects across African markets. The company has already increased its investment sixfold from 2022 to 2023, with 10 projects underway in Nigeria, Ghana, Kenya, and Morocco. In the coming years, Empower New Energy plans to triple its investments and surpass $100 million in total investments by next year. Despite the abundant opportunities in the renewable energy sector, Osmundsen highlighted the importance of strategic planning and execution for successful project development. He reassured that there is no shortage of capital for such projects, emphasizing that the key to success lies in the commitment of industry leaders to drive the transition to sustainable energy practices.