Naija247news naija247news.com 22 Sep, 2020 03:15 am

All On, Auxano sign $1.5m Investment Deal to increase Solar Panel Manufacturing in Nigeria

All On, Auxano sign $1.5m Investment Deal to increase Solar Panel Manufacturing in Nigeria

5m Investment Deal to increase Solar Panel Manufacturing.“This investment would guarantee the expansion of Auxano’s solar panel assembly capacity by over 50 percent and is a great win for local content,” said All On Programmes and Investments Manager, Afolabi Akinrogunde.“This support from All On comes during a great economic downturn and injects significant capital that will scale Auxano’s solar panel assembly operations at a time when localizing supply chains is more critical than ever.The successful expansion of Auxano’s solar panel assembly plant and its business practices have led to increased demand for the company’s panels, products and services.

Most significantly, the current COVID-19 crisis has caused severe disruptions in the importation of solar panel parts.Having an operational in-country assembly plant has been an industry saver, first because the solar panel assembly sector has been able to survive and customers have been able to purchase goods in Naira rather than foreign currency—a trend Auxano’s expansion will make more viable.

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