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Oando Acquires Oil Block In Angola

Oando Plc  Favour Ifeoluwa & Akinola Ajibade  Oando Plc  says it has completed and won the bid for the operatorship of oil block KON 13 in Angola. The firm which recently acquired Eni of Italy’s oil assets in Nigeria, said that the award of the oil block located in Angola’s onshore Kwanza Basin followed a competitive bidding process by the country’s oil and gas sector regulator. It further said hat the asset in which it owns 45 per cent participating interest, has estimated prospective resources of 770 to 1,100 million barrels of oil. Oando is handling its operations relating to the asset through its upstream subsidiary, Oando Energy Resources (OER). “Oando Plc,  Africa’s leading indigenous energy solutions provider listed on both the Nigerian Exchange Limited and Johannesburg Stock Exchange is pleased to announce that its upstream subsidiary, Oando Energy Resources (OER), has been awarded operatorship of Block KON 13 in Angola’s Onshore Kwanza Basin, following a...
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$.5m investment deal: All On/ Greenage Technologies to lower cost of solar equipment



By Akinola Ajibade


Brighter days are ahead of investors in solar energy in the country, as Shell announced a $500,000 investments in Greenage Technologies Power Systems Company.

Coming from All On, a Shell-funded impact investment company, the investments would Greenage Technologies Power Systems Company to fund the construction and expansion of its charge controllers and inverters manufacturing facility in Enugu State in South-Eastern Nigeria.

Through this means, the solar energy facility firm would be able to double  its existing manufacturing capacity for inverters, charge controllers, and the possibility to assemble lithium-ion batteries and also become the Africa largest electronics company for solar equipment.

Interestingly, the investments, if things go according to plans would culminate in the reduction of solar equipment, as well as increasing the patronage of these products.

Speaking on the issue, the Co-founder and Head of Business Development,Greenage Technologies, Ogechukwu and Uchechukwu said:  

“We’re delighted to receive this support from All On that will reduce the cost of solar energy components through local manufacturing

The investment which is a mix of equity and convertible debt will enable Greenage to expand its manufacturing business through the acquisition & development of a new factory and fund its working capital needs – enabling it to meet the increasing demand for locally manufactured solar systems components.

In his own comment, Dr. Wiebe Boer, All On CEO, said:”We are proud to close another transaction to enhance the localization of the solar supply chain,”

According to him, through this investment, All On is lowering the proportion of solar components imported into Nigeria. “This investment is at the core of our commitment to investing in youth-driven Nigerian companies like Greenage to accelerate the sector’s growth and contribute to closing the energy access gap.”

“Greenage was a USADF/All On Off-Grid Energy Challenge winner in 2018, receiving $100,000 to fund the installation of solar systems in over 40 households and businesses. This additional funding is an indication of All On’s growing confidence in the company’s vision to play an increasingly important role within the Nigerian renewable energy value chain as a manufacturer of solar energy system components.”

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