A unique solar energy proposal

Nigeria

Femi Oye, co-founder and CEO of OneWattSolar, and Jubril Adeojo, the company’s co-founder and COO, talk to The Energy Year about OneWattSolar’s unique solar energy proposal and its plans to grow in Nigeria and beyond. OneWattSolar develops modular solar generation technology and provides clients and shareholders with open access to related information.

What vision does OneWattSolar have for providing its services?
Femi OYE: In 2007, with the inception of GoSolarAfrica, we were set to design, develop and distribute solar home systems across Nigeria and help people get access to stable and clean energy sources. As the years passed, we saw the need to inculcate the use of data and new technologies in our businesses. Hence, the creation of OneWattSolar. From its inception, we began to leverage the information we gathered and develop the platform aspect of our business. Our platform, which is blockchain-powered, aids transparency for every player in the ecosystem.
Our platform connects users, suppliers and any stakeholders that take part in the energy ecosystems we are developing. We work with hundreds of solar energy companies that install our system and run an energy-as-a-service platform where clients pay based on their energy consumption without worrying about owning the infrastructure. Through this, we have been able to break the barrier to the adoption of renewable energy. We have a footprint across sectors with commercial, private and industrial clients, including in the oil and gas sector. Small businesses are not left out. SMEs have been able to adopt renewable energy, as they only pay for the energy being used. They have also been able to reduce their carbon footprint and their operating costs by stopping the use of expensive fossil fuel-powered generators, which has enabled them to record higher returns as well as increased productivity levels. In addition, users have access to an online interface where they can monitor all aspects of their power consumption. Our model has enabled businesses and individuals to support the SDG 13 Agenda, as well as fulfil Nigeria’s part in the 2015 Paris Agreement.
We currently have over 50 MW of solar installations deployed across the ecosystem and generate about USD 3 million annually.

What projects has the company worked on in 2022?
FO: Last year, we worked with shopping malls, real estate and private hospitals such as ProTech Facilities Management, Bowen University Teaching Hospital, Purple Maryland and Alpha Mead Group, as well as companies such as Unity Bank, Fatgbems Petroleum Marketing, Ardova Plc, Power Africa and GIZ. We helped these entities increase productivity, reduce costs and expand their renewable energy mix. As a large and innovative integrated power asset company, we provide sustainable energy for small businesses and industrial and commercial companies through our service business model.

What key projects are you currently engaged in?
Jubril ADEOJO: We have a 20-50 MW project comprising more real estate, shopping centres, private universities, healthcare facilities, data centres and a hospitality business, in collaboration with a wide array of local strategic partners for engineering, procurement, construction and maintenance firms. We are combining a blend of solar, storage, utility supply and natural gas to achieve 24/7 guaranteed power for our clients. Completion of the projects is expected by the second quarter of 2023.

How does the company differentiate itself from its competitors?
JA: We offer power-as-a-service to our clients. We own and maintain different assets such as natural gas or LPG, solar panels, inverters and batteries assets, which helps prevent our clients from maintaining a huge depreciating power asset on their balance sheet. OneWattSolar designs, manufactures, deploys and maintains up from costs associated with the provision of clean, safe and low-cost power systems for commercial and industrial customers through a 10 to 15-year power purchase agreement with scalabilities across emerging markets.
We also deliver a strong cost-efficient model that guarantees a decrease of around 30-40% in energy costs when factoring in all operational costs of alternatives. Our solution provides companies with an energy mix of solar and gas-generated power when solar energy is not available. This decreases their overall costs and allows them to reduce their carbon footprint and participate actively in the energy transition.
Additionally, our platform allows IPPs to manage and monitor the delivered energy by listing the power-generating assets on the interface and receiving real-time data about the production at each facility and solar system. They can verify each step of energy consumption thanks to the integration of our blockchain-enabled platform.

What goals does the company have in expanding its size and scope?
FO: In the next five years, we intend to achieve 5 GW of power production and forecast annual revenue of about USD 100 million, given the way operations are running thus far. We are looking to expand into other African markets with new smart power products. We aim to be listed on the Nigerian Exchange Group and the London Stock Exchange in three years.

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