Tech firm rolls out N3bn green bond for renewable energy Africa project

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OneWattSolar (OWS), a technology company, has announced the successful issuance of the first series of its N10 billion Green Bond Issuance Programme.

The programme comprised a N2 billion seven-year Green Bond Issue (Tranche I) and a N1 billion seven-year Green Sukuk Issue (Tranche II).

Nelly Akpaka, Country Manager, Hudson Sandler, an independent strategic communications consultancy firm, disclosed this in a statement made available to newsmen in Lagos, on Friday.

“The issuance is the first of its kind in several categories. 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; and it is the 13th Green Sukuk in the world.

“The bond is rated BBB, in line with standards established by DataPro Limited, a registered Ratings Agency in Nigeria. TUV Nord Certification also provides Second Party Opinion on the green bond framework of the company.

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“Comercio Partners Capital Ltd. (“CP Capital”) the investment banking subsidiary of Comercio Partners Ltd, led the bond issuance as Issuing House/Financial Advisers.

“The issue was also supported by Marble Capital Ltd. as Shariah Advisor, and Bloomfield LP as Legal Advisers. In addition, Financial Sector Deepening Africa (FSD Africa) provided immense technical assistance in support of the issue,” she said.

Akpaka said the issuance was consistent with the company’s mission and mandate to accelerate and build on the achievements of Africa’s decarbonisation pathway goals in the energy sector.

“The company’s goal is to provide over 14GW off-grid solar energy by 2030 across sub-Saharan Africa.

“Furthermore, the issuance reinforces the company’s unfettered commitment to the UN Sustainable Development Goals (SDGs) and the Paris agreement on Climate Change, leveraging its innovative and scalable business model that is consciously built on strategic partnership, advanced technologies and Big data.

“The company intends to allocate the net proceeds from the issue to purchase renewable energy assets required to implement its pipeline of off-grid energy access projects in Nigeria.

“This will be in line with the eligibility criteria, as defined in its Green Bond Framework, and support the adoption of best market practices and reporting standards to deepen the green bond market, “she noted.

Mr Jubril Adeojo, Co-Founder and Chief Operating Officer of OWS said the issuance enabled the company to roll out two commercial flagship products.

“This issuance has enabled us to commercially roll out our two flagship products – CHIOMA 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 customer-centric 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,” he said. (NAN)

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