OneWatt Solar Raises N3bn Green Bond for Renewable Energy

OneWatt Solar (OWS) has successful raised N3 billion under its N10 billion Green Bond Issuance Programme. The debt instruments comprised a N2 billion 7-year Green Bond Issue (Tranche I) and a N1 billion 7 year Green Sukuk Issue (Tranche II).

According to the company, the issuance was the first of its kind in several categories, noting that in Africa, it is the first: Corporate Green Bond for Off-Grid Renewable Energy Project, Corporate Green Sukuk, and Corporate Joint Green Bond and Green Sukuk.

It added that the issuance reinforced the company’s unfettered commitment to the United Nations Sustainable Development

Goals (SDGs) and Paris Agreement on Climate Change leveraging its innovative and scalable business model that is consciously built on strategic partnership, advanced technologies, and Big Data.

Commenting on the issuance, Co-Founder & Chief Operating Officer of OWS, Jubril Adeojo said: “This issuance has enabled us to commercially roll out our two flagship products-CHI OMA being the Internet of Things enabled Digital Assets & Hardware Technology, and AMINA being the advanced artificial intelligence Software Technology.

“The two products are strategically designed to deliver excellent service to our customers, as well as to ensure that customers’ experience journey is seamless and memorable.

“It is also noteworthy that all our partners are indigenous players working together to democratise, decarbonise, decentralise, and digitise sustainable energy access to our reputable locally owned businesses, and households while creating numerous jobs for African youths and women.

“As a tech company, we look forward to developing and rolling out new customercentric products, alongside the issuance of more green bonds and sukuks, as we use this issuance to commence the first step of our journey of a million miles.”

Also speaking, Co- Managing Partner & Managing Director of Comercio Partners Capital, Steve Osho, said: “This is the first hybrid Green Bond and Green Sukuk issued by a corporate in Sub- Saharan Africa and we at Comercio Partners Capital Limited are excited to be the lead issuing house of this historic issue. Our strategic relationship with OWS is in line with our philosophy of value creation.”

On his part, CEO of Marble Capital, Akeem Oyewale, said: “Marble Capital is happy to have lent our shariah advisory competencies to the debut Green Sukuk issuance in Africa, and also grateful for the opportunity to expand Islamic finance asset offerings in the Nigerian market.

“The utilisation of a sukuk in funding structures allows firms like OWS to tap into a growing asset class that is tried and tested globally.”