Enerwhere secures $10mn investment
Deal with Adenium Energy Capital will allow Dubai-based firm to expand fleet of mobile solar systems.
Adenium Energy Capital is investing $10mn in Dubai-based Enerwhere's fleet of mobile solar power systems which are used to provide temporary power to real estate, construction, and industrial sites in the Middle East.
The cash will allow Enerwhere to add approximately 10 MW of solar systems, enough to power tens of thousands of staff at temporary accommodation, dozens of construction sites or several mines or refugee camps.
The agreement was signed this week at the Solar Middle East exhibition in Dubai by Wassef Sawaf, CEO of Adenium Energy Capital and Daniel Zywietz, CEO of Enerwhere.
Like conventional diesel generators, the solar systems are fully transportable and can easily be redeployed from one site to the next within days.
"The development of the electricity grid is lagging behind economic growth in many growing communities and industrial areas in the Middle East, causing many commercial and industrial users to rely on expensive diesel generators to keep the lights on and machines running,” said Daniel Zywietz.
“Our solar-diesel hybrid systems can dramatically reduce fuel consumption, and therefore, the operating cost of these diesel mini-grids, while providing the same or even better reliability."
He added: "The investment provided by Adenium will enable Enerwhere to substantially increase its rental fleet. Doing so will allow a much larger group of commercial and industrial customers to realise substantial fuel savings and simultaneously reduce CO2 emissions by up to 40%, all without making costly upfront investments or taking on long-term liabilities."
Enerwhere installed its first system on the World Islands in Dubai in early 2014, providing power to a remote construction site. The company also recently completed a contract with Tourism Development & Investment Company (TDIC) on Saadiyat Island in Abu Dhabi, where a 5 MW solar-diesel hybrid system supplied 8,000 construction staff with around-the-clock electricity for 9 months.
"In a region with so much sunshine we have had our eye on the potential for solar-diesel hybrid systems for a while", said Adenium’s Sawaf.
Jeremy Crane, COO of Adenium, added: "After looking at a range of potential transportable solar solutions, we identified Enerwhere's solution as, by far, the most suitable in terms of transportability, robustness, ease of use, and cost-effectiveness, all of which are essential in the temporary power sector."