The startup operates a renewable energy investment platform that finances projects in developing countries by mobilizing international capital and collaborating with commercial banks and local communities. By managing construction, maintenance, and electricity supply without upfront payments, the company accelerates the transition from fossil fuels to renewable energy sources.
Funding
$81.9M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Many commercial, industrial, and agricultural businesses in developing African countries face challenges accessing reliable and affordable electricity, hindering their growth and contributing to environmental degradation through reliance on expensive and polluting sources like diesel generators. A significant financing gap impedes the deployment of renewable energy solutions in these regions.
Solution
Empower New Energy addresses this problem by financing, building, and operating clean power plants for businesses in Africa, enabling them to access reliable, low-cost electricity without upfront investment. The company utilizes a co-development model, partnering with local developers and EPC (Engineering, Procurement, and Construction) companies to construct and maintain solar PV plants, often incorporating battery storage. Empower New Energy secures international investment through power purchase agreements (PPAs) or power support agreements, allowing businesses to reduce energy costs and their carbon footprint from day one. The company manages the entire project lifecycle, from construction and operation to asset management, offering businesses a hassle-free transition to renewable energy.
Target Audience
Empower New Energy primarily targets commercial, industrial, and agricultural businesses in Africa seeking reliable, affordable, and clean energy solutions, as well as local energy utilities and communities.
Features
- On-grid and off-grid solar PV project development, ranging from 1-20 MW, with or without battery storage
- Power Purchase Agreements (PPAs) or Power Support Agreements (PSA) with terms of 10-25 years
- Project management encompassing construction, operation, and maintenance
- Monitoring and reporting on energy production and environmental impact
- Collaboration with local project developers and EPC partners
- Compliance with national regulations, tax rules, and environmental and social standards