Investor injects mix of equity and debt into Nigerian solar panels assembler
Shell-funded impact investment company All On has announced a $1.5 million investment in Auxano Solar Nigeria Limited to scale its operations over the next five years.
“This investment would guarantee the expansion of Auxano’s solar panel assembly capacity by over 50% and is a great win for local content,” said All On investment manager, Afolabi Akinrogunde. “Auxano’s growth as the first private assembler of solar panels is a success story that ought to inspire other players in the renewable energy sector in Nigeria.”
All On’s contribution will be a blend of equity and debt investments that will facilitate the increase of Auxano’s capacity utilisation by funding its expansion plans, covering facility relocation and meeting the working capital financing needs of a rapidly growing company that is also involved in the sales and distribution of renewable energy components such as hybrid inverters and charge controllers. The investment will also enhance the company’s services such as after-sales installation, management and maintenance services of renewable power solutions to its customers.
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