Empower New Energy (“Empower”) and Multiconsult have entered a partnership aiming to accelerate renewable energy projects through due diligence services, development of financial models, country specific assistance advisory and general commercial advisory. The partnership is enabled through support from the Sustainable Energy Fund for Africa (SEFA), a fund managed by the African Development Bank.
Empower has through its impact investment platform invested in eight solar power plants with industrial and commercial off takers in Egypt, Ghana and Nigeria and is now about to scale up to execute its pipeline of more than 150 MW of solar PV of distributed solar across Africa. The partnership agreement with Multiconsult will strengthen the quality assurance of Empower’s investments, in terms of technical and HSSE (Health, Safety, Social, Environment) matters.
Terje Osmundsen Empower CEO & Founder stated, “We are delighted to enter this partnership with Multiconsult. The potential of the commercial and industrial renewable energy market in Africa is significant but requires highly tailored solutions that reflect the specific needs of companies. As Empower scales up this year, combining our unique investment model with Multiconsult’s due diligence will reduce risks and help to provide clean, less expensive and more reliable energy for even more commercial and industrial businesses across Africa”.
“We are very excited to enter this partnership with Empower New Energy. The combination of Empower’s ambitious commercial approach on the one side and Multiconsult’s long-standing experience and insight into technical, financial and not least environmental, social and governance aspects of renewable energy project development. This kind of deal advisory services is a key focus area for us. Empower is a true champion of sustainable investments and we are supporting their journey through ensuring the due diligence of the projects in their portfolio,” said Mari Sofie Furu, Head of Section of Multiconsult’s Renewable Energy Advisory Services.
Multiconsult is one of the leading firms of consulting engineers, architects and designers in Norway and Scandinavia. Thanks to its 3 200 highly skilled employees, the company can provide a range of services including multidisciplinary consulting and design, project engineering and management, verification, inspection, supervision and architecture – both in Norway and internationally. With more than 40 years history of providing services in a range of African and Asian markets, Multiconsult has broad experience and in-depth insight into the opportunities and barriers facing renewable energy investors in these markets, and an excellent network of subsidiaries and partnerships,
About Empower New Energy
Empower New Energy is an award-winning impact investor in African renewable power generation, with a proven business and operating model. We serve Commercial and Industrial clients and local communities by mobilizing international capital and operating assets effectively. In partnership with our local development partners, we prepare the projects for investment, finance the construction and manage the assets. Nigeria is one of Empower’s investment countries, alongside Ghana, Egypt, Kenya and Morocco. Empowers investors are Norfund, ElectriFI (European Union) & 15 Norwegian and European private investors.