Empower New Energy's Terje Osmundsen Recognized for Excellence
In a significant achievement, Terje Osmundsen from Empower New Energy has been awarded the title of 'Best CEO for Solar Energy Investment & Development' at the prestigious Business Worldwide Magazine CEO Awards. This honor emphasizes his remarkable contributions to the field of solar energy, particularly in the African continent.
Recognizing Visionary Leaders in Business
The CEO Awards acknowledge exceptional business leaders across various sectors, focusing on the individuals whose vision drives their organizations forward. Unlike other accolades, this award highlights personal achievements, ensuring that those at the helm receive the recognition they rightly deserve.
Terje Osmundsen's Journey to Empower New Energy
Osmundsen’s background is rooted in political science, where he played a significant role in shaping Norway's petroleum policy during the 1980s. With a growing interest in environmental issues, he shifted his focus to solar energy after joining Scatec Solar in 2009. His successful ventures in South Africa, Egypt, and other emerging markets culminated in co-founding Empower New Energy alongside Alexander Pedersen and Susie Cook in 2017. Their primary goal is to address the financing challenges that hinder solar energy projects for communities across Africa.
Empower New Energy’s Unique Approach
Empower New Energy functions as both an investor and co-developer, collaborating with project partners to prepare and mitigate risks associated with solar initiatives. This innovative model simplifies the due diligence process, expediting the deployment of solar energy solutions for businesses and fostering sustainable growth across the continent.
With assets across Morocco, Egypt, Nigeria, Ghana, and Kenya, the organization is extending its reach further with new projects in Tunisia, Cameroon, and Zambia. Empower aims to transform the energy landscape in Africa, which currently grapples with some of the world's highest electricity costs and a stagnant renewable energy share.
The Renewable Energy Challenge in Africa
Africa's renewable energy output remains below 20% of its total electricity generation, given the lengthy development timelines for large-scale renewable projects. However, decentralized solar solutions can be implemented in less than a year, making them crucial in achieving the continent's growth and decarbonization ambitions.
Harnessing the Solar Potential
Despite having 60% of the world’s solar potential, Africa has less than 1% of global solar installations. Empower New Energy aims to unlock this potential by providing accessible, sustainable electricity and decreasing dependence on costly and polluting fossil fuels.
The organization has garnered support from notable financiers, including Climate Fund Managers and Norfund. Among its projects are a 700-kW solar installation for Miniplast in Ghana and a 1.2 MW rooftop solar plant for Nuts for Growth. In Morocco, Empower invested $2 million in rooftop solar projects, and in Nigeria, it has successfully implemented ten innovative rooftop solar plants with integrated battery storage for Justrite Superstores.
About Empower New Energy
Empower New Energy is committed to expanding renewable energy access in Africa, leveraging innovative funding mechanisms and partnerships to facilitate solar energy deployment. The organization's strategic investment approach exemplifies its dedication to fostering clean energy growth in diverse markets.
Frequently Asked Questions
What award did Terje Osmundsen receive?
Terje Osmundsen was honored with the 'Best CEO for Solar Energy Investment & Development' by Business Worldwide Magazine.
What is the mission of Empower New Energy?
Empower New Energy aims to bridge the finance gap for solar energy deployment in African communities and enterprises.
Where does Empower New Energy operate?
The company operates in several African nations, including Morocco, Egypt, and Nigeria, with ongoing projects in Tunisia and Cameroon.
What challenges does Africa face regarding energy?
Africa faces high electricity costs and a low percentage of renewable energy in its overall energy mix.
How does Empower New Energy fund its projects?
Empower New Energy secures investments from various financiers, enabling it to undertake significant solar energy projects across the continent.
