Impact investor backs Nigerian solar energy components manufacturer

Shell-funded impact investment company All On announced a $500,000 investment in Greenage Technologies Power Systems to fund the construction and expansion of its charge controllers and inverters manufacturing facility in Enugu State in South-Eastern Nigeria.

The investment which is a mix of equity and convertible debt will enable Greenage to expand its manufacturing business through the acquisition and development of a new factory and fund its working capital needs – enabling it to meet the increasing demand for locally manufactured solar systems components.

”We’re delighted to receive this support from All On that will reduce the cost of solar energy components through local manufacturing,” said Ogechukwu Uchechukwu, co-founder and head of business development at Greenage Technologies. ”This investment will help Greenage realise its aim of becoming Africa’s largest solar electronics manufacturers by doubling its existing manufacturing capacity for inverters, charge controllers, and the possibility to assemble lithium-ion batteries.”

”We are proud to close another transaction to enhance the localisation of the solar supply chain,” said All On CEO, Wiebe Boer. ”Through this investment All On is lowering the proportion of solar components imported into Nigeria. This investment is at the core of our commitment to investing in youth-driven Nigerian companies like Greenage to accelerate the sector’s growth and contribute to closing the energy access gap.”

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