Empower New Energy
Empower New Energy is a Norwegian impact investor that finances, builds, and owns distributed solar PV and battery storage assets for commercial, industrial, and agricultural customers across Africa, delivered via 10–25 year Power Purchase and Power Support Agreements.
- Company typePrivate
- Founded2017
- HeadquartersOslo, Norway
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Empower New Energy does
Empower New Energy AS is a privately held Norwegian renewable energy impact investor founded in 2017 and headquartered in Oslo, with regional offices in Lagos and Nairobi. The company finances, builds, and owns distributed solar PV and battery energy storage systems (BESS) for commercial, industrial, and agricultural energy users across Africa, with active operations in Nigeria, Ghana, Kenya, Egypt, Morocco, Tunisia, Cameroon, Burundi, and Zambia. Its core technology stack comprises rooftop and ground-mounted solar PV (project sizes typically 0.5–40 MW) integrated with lithium-ion battery storage, delivered through 10–25 year Power Purchase Agreements (PPAs) or Power Support Agreements (lease-to-own) that require no upfront payments from the customer. Empower retains asset ownership during the contract term and monetises Gold Standard-certified voluntary carbon credits through a Programme of Activities structure.
The business model blends development-stage equity investment with long-term recurring PPA revenue. Empower sources projects via local project development partners, executes construction through regional EPC contractors, and operates assets with local O&M providers while earning asset management fees on vehicles such as Empower Invest AS and Empower One AS. Go-to-market is sales-led enterprise and channel-partner driven: direct engagement with named C&I customers such as Barry Callebaut, L'Oréal Egypt, United Bank for Africa, Justrite Superstores, and Abyssinia Group Industries, layered with a partner ecosystem spanning technology providers (Huawei), engineering firms (Paras Energy, Spenomatic, Smart Engineering Solutions, Éclipse Énergies Renouvelables), and DFIs/climate financiers (Norfund, CFM, Janeiro Energy, AFRIGREEN Debt Impact Fund). As of the input, the company had closed a USD 74 million institutional equity raise in October 2022 and announced a USD 50 million Egypt solar investment agreement with Engazaat in December 2024, with a public target of deploying over USD 300 million in decentralised solar across Africa by 2030.
Empower New Energy firmographics
Firmographics- Name
- Empower New Energy
- Legal name
- Empower New Energy AS
- Website
- https://empowernewenergy.com
- Company type
- Private
- Founded year
- 2017
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Empower New Energy is a Norwegian impact investor that finances, builds, and owns distributed solar PV and battery storage assets for commercial, industrial, and agricultural customers across Africa, delivered via 10–25 year Power Purchase and Power Support Agreements.
- Ownership category
- akta.pro rank
Empower New Energy industry classification
Industry- Product category
- Solar Energy Investment and Asset Management
- NAICS
- Solar Electric Power Generation (221114), Electric Power Generation (22111)
- SIC
- Electric Services (4911), Services-Facilities Support Management Services (8744)
- akta.pro primary industry
- Incentives, Grants & Program Administration (Auctions, Tenders, IRA/ITC/PTC Advisory) (EUAMAAAJ)
- akta.pro secondary industries
- Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal) (EUAEAMAB), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI), PPA Origination, Advisory & Contract Management (Negotiation, Credit, Settlements) (EUAGADAL), Renewable Energy Infrastructure (FSAAAKAG)
Keywords
Where Empower New Energy is headquartered
LocationHeadquarters
- HQ city
- Oslo
- HQ country
- Norway
- HQ region
- Europe
Offices4 records
Markets served
Empower New Energy business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Technology or R&D, Supply Chain, Infrastructure, Marketing or Sales
Revenue model
- Equity Investment Returns: Empower New Energy invests equity into solar and battery projects and earns returns through long-term power purchase agreements (10-25 years) with commercial and industrial clients. At end of contract period, energy users can opt to purchase the solar plant.
- Carbon Credit Revenue: Projects generate carbon credits certified under Gold Standard for the Global Goals, which can be sold on the voluntary carbon market to generate additional revenue streams.
- Asset Management Fees: Empower New Energy acts as asset manager for Empower Invest AS, managing renewable energy projects and earning fees for asset management services.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Monthly | Power Purchase Agreement / Power Support Agreement |
Go-to-market motion3 records
Distribution channels3 records
Marketing channels7 records
Empower New Energy product offering
Product offeringCore offering
Empower New Energy is a Norwegian renewable energy impact investor that finances, builds, and owns rooftop and ground-mounted solar PV power plants and battery energy storage systems (BESS) for commercial, industrial, and agricultural energy users across Africa. The company delivers these assets through 10-25 year Power Purchase Agreements (PPAs) or Power Support Agreements (lease-to-own) requiring no upfront payment from clients, while retaining asset ownership and operating the plants during the contract period.
Product overview
Empower New Energy is a Norwegian renewable energy impact investor that finances, builds, and owns solar power plants for commercial and industrial customers across Africa. The company's core offerings include rooftop and ground-mounted Solar PV Solutions, Battery Energy Storage Systems (BESS), and hybrid solar-plus-storage installations. These are delivered through Power Purchase Agreements (PPA) and Power Support Agreements (lease-to-own models) spanning 10-25 years, requiring no upfront costs from clients. The company also operates Gold Standard-certified carbon credit programs through its Programme of Activities structure, generating carbon credits from its project portfolio.
Differentiator
Problem solved
Functional benefit
Products and services
- Solar PV Solutions
Quantifiable outcome
- Reduce energy costs from first day of operation
- +3 more outcomes
Companies that use Empower New Energy
Customer profileNamed customers10 records
Segments3 records
Ideal customer profiles2 records
Empower New Energy technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Empower New Energy partnerships and signals
Strategic signalPartnerships
Eleven partnerships are on record, tiered strategic, minor and major.
- Éclipse Énergies RenouvelablesstrategicDevelopment and execution partner for 1.8 MWp solar and 2.5 MWh battery project at Neo Industry's cocoa processing facility in Kekem, Cameroon.
- Neo Industry S.AstrategicCameroon's leading agro-industrial company; first investment in Cameroon under 25-year Power Support Agreement for solar and battery project at cocoa processing facility.
- HuaweistrategicTechnology company providing solar and battery technology for hybrid solar plant at UMZA Rice and Oil Mill in Kano, Nigeria - a 1 MW rooftop solar plant and 2.15 MWh battery system.
- Paras EnergystrategicNigerian engineering firm executing hybrid solar and battery installation at UMZA Rice and Oil Mill in Kano, Nigeria.
- Nordic Nigeria ConnectminorAnnual Nordic-Nigeria business forum organized by Nordic embassies supporting clean energy collaboration and partnerships.
- SpenomaticstrategicNairobi-based leading solar engineering and contracting company constructing and operating solar plants for Abyssinia Group Industries in Kenya.
- Abyssinia Group IndustriesstrategicEast Africa's largest steel manufacturer; expanded partnership to 9 MWp solar power (4 MWp new + 5 MWp existing) at Awasi facility in Kenya, 25-year solar power supply contract.
- Smart Engineering Solutions (SES)strategicEgypt's premier solar EPC firm delivering 1.1 MWp solar photovoltaic plant for L'Oréal Egypt in 10th of Ramadan City through Egypt's net metering framework.
- EngazaatmajorEgyptian renewable energy company; USD 50 million solar investment agreement signed during Egypt President El-Sisi's visit to Norway for 40 MW solar project portfolio in Egypt with 25-year PPAs with C&I clients.
- RenewviastrategicPartnered with United Bank for Africa to install hybrid solar-and-battery systems across 50 branches in Nigeria under Power-as-a-Service agreement.
- WATT Renewable CorporationmajorUSD 13 million investment to advance renewable energy solutions in Nigeria - largest investment to date for Empower New Energy, supporting WATT's expansion of renewable energy portfolio.
Scale indicators11 records
Recent moves8 records
Expansion highlights5 records
Empower New Energy competitors and assessment
Company assessmentDirect peers
- CrossBoundary Energy: Africa-focused renewable energy IPP that finances, builds, and owns distributed solar and hybrid projects for C&I clients under long-term PPAs. Direct competitor to Empower in the same customer segment, geography, and capital-light ownership model.
- Starsight Energy: Pan-African C&I solar developer providing PPA-financed solar and storage to commercial customers across Nigeria, Ghana, East Africa, and Southern Africa. Closely comparable in customer profile, technology stack (PV+BESS), and long-term contract structure.
- Distributed Energy: African renewable energy company focused on C&I solar PPAs and wheeling solutions across Southern and East Africa. Competes directly with Empower for commercial customers using a similar owned-asset PPA model.
- Daystar Power: Nigeria and West Africa-focused C&I solar IPP, now backed by BP, that designs, finances, and operates distributed solar and hybrid systems under multi-year PPAs. Closely comparable technology, geography, and customer segment to Empower.
- Solar Africa: South African and Sub-Saharan C&I solar developer owning and operating distributed PV assets for commercial and industrial customers. Comparable business model with owned-asset PPA financing in Africa.
Emerging players
- BBOXX: Africa-focused solar energy company primarily serving residential and SME customers via pay-as-you-go and lease-to-own models. Adjacent in geography and product category but targets smaller customers than Empower's enterprise focus.
- Sun King (Greenlight Planet): Distributed solar provider across Sub-Saharan Africa and Asia serving households and small businesses via pay-as-you-go financing. Different end customer (SME/residential vs. Empower's enterprise) but similar Africa renewable energy platform.
Broad incumbents
- Engie Africa: Global utility with a substantial renewable energy footprint across Africa, including C&I solar, mini-grids, and utility-scale generation. Wider portfolio and balance sheet than Empower, but overlaps directly in African C&I and utility-scale renewable projects.
Others
- SunFunder: Climate-focused debt financier for distributed solar companies in emerging markets, providing non-recourse project debt. Not a competitor, but a comparable capital partner type to Empower's own equity-led approach in the African renewables ecosystem.
- Climate Fund Managers (CFM): Dutch fund manager of blended climate finance vehicles (incl. Climate Investor One, Climate Investor Two). Already an investor in Empower but operates a related model of mobilizing climate capital into emerging-market renewables, making it thematically and operationally comparable.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights4 records
Customer concentration
Empower New Energy social profiles
Digital presenceEmpower New Energy financial estimates
Financial estimateRevenue estimate
Valuation estimate
Empower New Energy leadership team
Management profileNumber of profiles
Profiles7 records
Empower New Energy subsidiaries and ownership
Company hierarchySubsidiaries2 records
Empower New Energy funding detail
Funding detailFunding overview
Funding rounds3 records
Investors5 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Empower New Energy M&A and investment
M&A and investmentM&A
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Empower New Energy
What does Empower New Energy do?
Empower New Energy is a Norwegian renewable energy impact investor that finances, builds, and owns rooftop and ground-mounted solar PV power plants and battery energy storage systems (BESS) for commercial, industrial, and agricultural energy users across Africa. The company delivers these assets through 10-25 year Power Purchase Agreements (PPAs) or Power Support Agreements (lease-to-own) requiring no upfront payment from clients, while retaining asset ownership and operating the plants during the contract period.
Is Empower New Energy a public or private company?
Empower New Energy is a private company. It is classified as venture growth investor backed and is currently operating.
When was Empower New Energy founded?
Empower New Energy was founded in 2017. It employs 11 to 50 people.
Where is Empower New Energy based?
Empower New Energy is headquartered in Oslo, Norway, in the Europe region.
How does Empower New Energy make money?
Three revenue lines are on record. Equity Investment Returns are the primary driver. The others are carbon Credit Revenue and asset Management Fees.
Who are Empower New Energy's main competitors?
Direct peers on record are CrossBoundary Energy, Starsight Energy, Distributed Energy, Daystar Power and Solar Africa. Emerging players are BBOXX and Sun King (Greenlight Planet). Engie Africa is listed as a broad incumbent. Others are SunFunder and Climate Fund Managers (CFM).
Does Empower New Energy have an API?
No public API is recorded for Empower New Energy.
What industry is Empower New Energy in?
Empower New Energy's product category is Solar Energy Investment and Asset Management. Its primary akta.pro industry code is EUAMAAAJ, Incentives, Grants & Program Administration (Auctions, Tenders, IRA/ITC/PTC Advisory), with a secondary code of EUAEAMAB, Renewable Energy Asset Management (Solar/Wind/Hydro/Geothermal). Its NAICS code is 221114 and its SIC code is 4911.