Ignite Power has secured $15 million in senior debt financing from Afrigreen Debt Impact Fund , a leading renewable energy investor focused on Africa, for its subsidiary Westa Solar, which specializes in commercial and industrial solar energy. This substantial investment will fuel Ignite’s ambitious expansion plans, targeting vast, underserved market segments across West Africa by offering innovative and flexible financing solutions to businesses.
The potential for solar energy in Africa’s C&I sector is enormous, with Nigeria, the continent’s largest economy, leading the way. With an industrial sector plagued by frequent power outages, unreliable energy supply, and high operating costs associated with diesel generators, solar energy offers not only cost savings but also greater operational reliability. Solar solutions provide businesses with uninterrupted power, reducing downtime and operational inefficiencies.
This financing agreement sets Ignite Power on a strong growth trajectory. Westa, its C&I subsidiary, has already deployed 3 MW of solar energy in West Africa and, with this new investment, aims to expand its operations significantly. Yariv Cohen, Ignite Power CEO, addressed the importance of the investment: “This partnership with Afrigreen represents a landmark opportunity not only for our company but also for the entire solar sector across West Africa.
Afrigreen fund advisor’s Managing Director, Alexandre Gilles, also expressed excitement about the collaboration: “We are proud to support Ignite Power, a visionary and highly capable player in the C&I solar market. The company’s track record of delivering high-quality projects, combined with the immense market potential in Nigeria and West Africa, makes this partnership an exciting opportunity for us.