We are thrilled to share the news that Nigeria-based Ashipa Electric Limited has become the latest development partner signed up under our innovative financing platform, Spark Energy Services (Spark).
Ashipa Electric is an innovative renewable energy company specialising in the development, construction and operation of captive solar and PV mini-grid projects (see pics). Its focus on serving Nigeria’s telecoms sector, as well as SMEs in the hospitality, healthcare and agriculture industries makes it an ideal match for Spark, which was set up by Camco to support the deployment of captive generation and energy efficiency initiatives in Africa’s commercial and industrial (C&I) sector.
Since its inception in 2014, Ashipa Electric – a subsidiary of Ashipa Electric Corp. - has evolved from a consulting firm providing mini-grid management software to establishing itself as a key player in the C&I solar and PV mini-grid development space. Over the last four years, the company has completed projects totalling 530kWp installed capacity with an additional 1050kWh of energy storage. It has also built an impressive pipeline of 30MWp captive solar projects at a time when the C&I solar sector in Nigeria is growing fast, largely as a result of the country’s intermittent energy supply.
Until now, Ashipa Electric has funded all its projects from equity and shareholder loans, seeing substantial revenue growth in 2022, largely attributed to engineering, procurement and construction (EPC) contracts to deploy mini-grids. Through its partnership with Spark, which provides its development partners with up to 100% upfront funding for their projects, Ashipa Electric is changing tack by raising debt to scale its C&I operations and support the rollout of its pipeline projects.
Adam Fitzwilliam, CFA, Camco director and Spark lead, said: “Over a short space of time Ashipa Electric has positioned itself as an emerging player in the market with good in-house capabilities, including its EPC and O&M services and an experienced, fully Nigerian leadership team.
“I am excited about the journey ahead for Ashipa Electric Limited and Spark as we collaborate to drive sustainable development and make a lasting impact on the renewable energy landscape in Nigeria.”
✍️ Are you a renewable energy developer and/or energy efficiency specialist operating in Africa and interested in becoming a Spark development partner? Fill in this simple form to check your eligibility.