Nigeria-based Ashipa Electric Limited has recently signed up as a development partner under the innovative financing platform, Spark Energy Services (Spark), marking a significant milestone for both companies.
Ashipa Electric specializes in renewable energy solutions, particularly in the development, construction, and operation of captive solar and PV mini-grid projects. With a focus on serving Nigeria’s telecoms sector and SMEs in various industries, including hospitality, healthcare, and agriculture, Ashipa Electric aligns well with Spark’s mission to support the deployment of captive generation and energy efficiency initiatives in Africa’s commercial and industrial (C&I) sector.
Established in 2014 as a consulting firm providing mini-grid management software, Ashipa Electric has since grown into a key player in the C&I solar and PV mini-grid development space. The company has completed projects totaling 530kWp installed capacity and 1050kWh of energy storage over the past four years. Additionally, it has built a robust pipeline of 30MWp captive solar projects, leveraging Nigeria’s growing C&I solar sector driven by intermittent energy supply challenges.
Previously, Ashipa Electric funded its projects through equity and shareholder loans, experiencing significant revenue growth in 2022, mainly attributed to engineering, procurement, and construction (EPC) contracts for mini-grid deployments. However, by partnering with Spark, Ashipa Electric aims to scale its C&I operations and support the rollout of its pipeline projects by accessing up to 100% upfront funding for its projects.
Adam Fitzwilliam, CFA, Camco director and Spark lead, expressed excitement about the collaboration, highlighting Ashipa Electric’s emergence as a prominent player with strong in-house capabilities and an experienced Nigerian leadership team. He emphasized the potential for both Ashipa Electric Limited and Spark to drive sustainable development and make a lasting impact on Nigeria’s renewable energy landscape through their partnership.
