All On, an independent impact investing company, has announced a $1.5m investment in Auxano Solar Nigeria Limited to scale its operations over the next five years.
The Shell-funded impact investment company said its contribution, in both equity and debt, would facilitate the increase of Auxano’s capacity utilisation by funding its expansion plans, covering facility relocation and meeting its working capital financing needs.
“This investment would guarantee the expansion of Auxano’s solar panel assembly capacity by over 50 per cent and is a great win for local content.
“Auxano’s growth as the first private assembler of solar panels is a success story that ought to inspire other players in the renewable energy sector in Nigeria,” All On Programmes and Investments Manager, Afolabi Akinrogunde, said.
The Chief Executive Officer, Dr. Wiebe Boer, added, “The current supply chain disruptions and market volatility demonstrate yet, again, the importance of local assembly for the growth of the renewable energy sector in Nigeria.
“Auxano Solar Nigeria is a textbook example of what is possible, even in times of crisis when we promote local content and invest in capacity-building in the country. This is a company that has demonstrated the entrepreneurial spirit and execution focus we know Nigerian companies are capable of.”
The investment is also aimed to enhance the company’s services such as after-sales installation, management and maintenance services of renewable power solutions to its customers, Financial Street gathered.
It will also provide development support, functional and innovation, business opportunity development and investor/donor engagement.
Commenting on the All On support, the Chief Operating Officer of Auxano Solar, Chuks Umezulora, said, “This continued support from All On is in response to an increase in demand for our goods and services.
“It is also an indication that Nigerians are increasingly accepting solar as an alternative to on-grid energy and diesel generators.”
Auxano is one of the four companies selected by All On to partner in the COVID-19 Solar Relief Fund in April 2020 for the deployment of power to emergency healthcare and response centres in Nigeria.
The company deployed the solar power solution at the COVID-19 isolation ward at the National Orthopaedic Hospital, Igbobi, Lagos State.
