Winock Solar Secures $1.6 Million Equity Funding to Bridge Nigeria’s Energy Gap

Winock Solar, a leading Nigerian solar branding and distribution company, has secured $1.6 million in equity funding from Acumen Fund Inc. and All On Partnerships for Energy Access. This investment aims to provide affordable, clean energy solutions to low-income earners and micro-businesses, addressing Nigeria’s significant energy access challenges.

Key Highlights  

• Investment Partners:  

  – Acumen Fund Inc.: A U.S.-based nonprofit impact investment fund supporting social enterprises that serve low-income communities.  

  – All On Partnerships for Energy Access: An off-grid energy impact investment company seeded by Shell, focused on energy access in the Niger Delta.  

• Funding Objectives:  

  – Rollout of innovative solar products, including a standalone 1-kilowatt solar system for micro-businesses.  

  – Expansion of operations to 10 Nigerian states, enhancing off-grid energy accessibility.  

Sanmi Lajuwomi, CEO of Winock Solar, expressed excitement over the partnerships, emphasizing their role in delivering essential energy solutions to underserved communities. Acumen’s Bowofade Elegbede commended Winock’s efforts in addressing Nigeria’s energy issues, while All On’s Caroline Eboumbou reiterated their commitment to supporting clean, inclusive energy enterprises.

Impact on Nigeria’s Energy Sector  

This funding reinforces Winock Solar’s mission to provide reliable energy solutions for micro-businesses, boosting productivity and quality of life for millions. It also aligns with ongoing efforts to reduce Nigeria’s energy deficit through sustainable, off-grid solutions.