Financial Energy Review
Nigeria is set to witness expanded renewable energy investment after
Ignite Power, a renewable energy firm, escalates further into the West Africa.
This is after the firm made strategic acquisition of Oolu, a prominent provider of renewable energy solutions in West Africa.
The acquisition, further expands its access in Nigeria, Burkina Faso, Cameroon, and Senegal.
It aims to replicate the success it achieved across multiple countries in East and Southern Africa.
“We are excited to welcome the Oolu team to the Ignite Power family,” stated Yariv Cohen, Ignite Power Chief Executive Officer.
He noted Oolu had built a solid business infrastructure for expansion and growth across the region.
Oolu provided clean and affordable energy access to over 800 000 people through a diverse range of renewable systems, including solar home systems, productive use of energy solutions, and commercial and industrial (C&I) projects.
Through this acquisition, Ignite Power also strategically enters the C&I sector, capitalizing on Oolu’s successful deployment of 3 MW across various projects and a growing portfolio of new solar projects across Nigeria.
Dan Rosa, Co-founder and CEO of Oolu, said, “Joining the Ignite family presents a remarkable opportunity to blend Oolu’s strong operational presence across West Africa with Ignite’s proven expertise and advanced technologies,” Ignite Power is headquartered in Dubai.
