Winch Energy announces new investment from AlGihaz Holding Saudi Arabia to grow portfolio
Off-grid utilities provider Winch Energy, has announced a new investment from renowned Saudi Arabian power solutions group, AlGihaz Holding.
The multi-million-dollar deal will see AlGihaz Holding secure a stake in Winch Energy and will enable the organization to further its ambition to become one of the largest off-grid utilities operators in the World.
The investment from AlGihaz is incremental to the strategic partnership with Total Eren which invested in Winch Energy in 2016 alongside the Company’s founder Nicholas Wrigley.
Winch Energy provides electricity and ancillary services such as telecommunications, internet, financial and retail to customers in off grid locations, across four countries in Africa, with 2019 projects expected to increase this to five, providing up to 50,000 electricity meters, connecting over 300,000 customers and benefitting approximately 1.5 million people.
Through its unique understanding of both the energy industry and the geopolitical landscape of Sub-Saharan Africa and other inaccessible, rural communities worldwide, the team at Winch Energy delivers sustainable, attractive investment opportunities.
It also works with a wide range of local developers, helping them to secure the investment and licenses needed to install off-grid energy projects.
In addition, Winch Energy’s unique technology, including its solar and battery powered Remote Power Unit (RPU), delivers access to affordable, reliable power and associated services. This in turn helps to drive local economic development and create opportunities for commerce, employment and wealth creation.
Working with AlGihaz Holding, Winch Energy will be able to accelerate its growth plans and diversify its geographic footprint.
Commenting on the deal, Winch Energy CEO Nicholas Wrigley, says: “We are delighted to welcome AlGihaz Holding as a new Winch Energy shareholder, alongside existing partner Total Eren. This deal will fast track our ambitions to reinvent power generation, electricity distribution and telecommunications access for the 1.2 billion people across the globe who do not have access to electricity, running water and communications.
“Access to power is about so much more than energy, it is the conduit for opportunity and prosperity. By enabling access to energy, we are empowering communities, developing wealth, transforming lives and creating freedom for individuals. In order for this to happen, it is vital that off-grid energy provision is approached with the right mix of experience and expertise to ensure that any project is financially viable and sustainable. With our on the ground experience of projects, expertise in navigating the political landscape and in securing investment for projects, we feel we are well placed to do just this”
Cesar Khatounian, Vice President - Energy Development at AlGihaz Holding and new Winch Energy board member adds: “We’re very pleased to invest in Winch Energy, a company which we feel echoes our own ambitions to deliver innovative, reliable and sustainable renewable energy solutions.
“We look forward to working with the Winch Energy team, bringing our 40 plus years of experience in delivering solutions across the Middle East and North Africa.”
