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 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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