Nigeria’s OneWatt Solar secures N3bn Green Bond for Renewable Energy

OneWatt Solar (OWS),  a FinTech startup that delivers tokenized digital 24/7 electricity, has secured N3 billion as part of its N10 billion Green Bond Issuance Program. The debt instruments included a N2 billion 7-year Green Bond Issue and a N1 billion 7-year Green Sukuk Issue.

According to the firm, the issuance is the first of its type in multiple categories and the first Corporate Green Sukuk, Off-Grid Renewable Energy Corporate Green Bond Project, and Corporate Joint Green Bond & Green Sukuk in Africa.

It added that the recent issuance reaffirms the company's undying devotion to the UN's Sustainable Development Goals (SDGs) and the Paris Climate Agreement by utilizing its innovative and scalable business model, which is consciously built on strategic partnerships, cutting-edge technologies, and Big Data.

Jubril Adeojo, Co-Founder and COO (Chief Operating Officer) of OWS, said that with this issuance, the company will now be able to commercialize two flagship products: CHI OMA, which is an Internet of Things (IoT) enabled Digital Assets and Hardware Technology, and AMINA, that is an advanced artificial intelligence Software Technology.

The two products are specifically developed to provide exceptional service to clients while also ensuring a seamless and enjoyable experience.

As a tech firm, they are looking forward to building new customer-centric products and issuing more green bonds and sukuks, as this issuance will be used to begin the first step of its million-mile journey.

Mr. Steve Osho, MD & Co-Managing Partner, Comercio Partners Capital, said that this is the first hybrid Green Sukuk and Green Bond issued by a corporation in Africa, and Comercio Partners Capital Limited is thrilled to be the lead issuing house of this issue. The strategic partnership with OWS is following the company's value-creation philosophy.

Akeem Oyewale, CEO of Marble Capital, stated that Marble Capital is pleased to have contributed its shariah consulting expertise to Africa's first Green Sukuk issuance and the potential to extend Islamic finance asset offerings in Nigeria.

Source Credit - https://www.thisdaylive.com/index.php/2021/07/05/onewatt-solar-raises-n3bn-green-bond-for-renewable-energy/