AI-powered financing unlocks Africa’s solar markets

This unique approach is bridging the energy gap and promoting sustainability in Nigeria

Spotted: Nigeria faces a severe energy deficit, with 85 million people lacking access to the grid and many of those connected facing frequent outages. Switching to renewables is one way to build resilience, but technologies like solar panels are often prohibitively expensive. And because solar projects are often seen as high-risk by traditional lenders, there are limited financing options for those that want to make the switch. Addressing this barrier, Powerfull Technology Limited has developed an innovative solar financing solution to simplify energy access for businesses and communities across Africa.

Founded by Ifeanyi Ukwuoma, Chiemeka Okeke, and Mayowa Abiodun, Powerfull Technology leverages AI and predictive analytics to offer a cloud-based platform with embedded finance solutions that aims to overcome traditional financial barriers. This means that businesses can accurately assess project costs, revenue potential, and risks, helping to ensure better internal rates of return for investors and stakeholders and de-risking their investment in solar projects. This approach makes solar energy even more affordable and accessible by providing real-time energy usage and collecting repayments directly via digital wallets and smart meters.

Powerfull’s software-as-a-service model is unique due to its use of advanced AI-driven models and predictive analytics. As CEO Ifeanyi Ukwuoma tells Springwise, “by automating and optimising these processes, we significantly reduce the time, cost, and effort involved in structuring multiple energy projects simultaneously—a challenge traditional consulting struggles to efficiently scale.”

Currently, 15 projects are using Powerfull’s platform. Ukwuoma states that “Powerfull’s solutions are inherently scalable and adaptable to other regions in Africa facing similar energy challenges […] As we scale, Powerfull has the potential to reduce carbon emissions by 0.8 gigatonnes, contributing significantly to environmental sustainability. The funds we seek will also enhance our digital infrastructure capabilities, focusing specifically on proprietary AI/LLM and predictive analytics.”

Written By: Oscar Williams