Winch Energy, announces that it has secured a new shareholder and investor, ITOCHU Europe PLC, to boost its financial resources for investment in projects and future development needs.
ITOCHU Europe PLC is a wholly-owned subsidiary of ITOCHU Corporation, a Japanese trading corporation with a considerable network of businesses in six continents including Africa, Asia and Latin America. ITOCHU Europe PLC joins Winch Energy’s existing shareholders, which include Winch Partners, Total Eren S.A. – a global independent power producer that develops, invests in, builds and operates renewable energy power plants globally – and Al Gihaz, a multi-sector company based in the Kingdom of Saudi Arabia.
The latest partnership will help to accelerate the deployment of Winch Energy’s off-grid power systems to customers currently without access to electricity and ancillary services. Winch Energy has also entered into a Marketing and Sales Agreement with ITOCHU Europe PLC, which will see the Winch Energy Remote Power Unit (RPU) technology marketed and sold through ITOCHU’s global network. Winch Energy and ITOCHU Corporation will also jointly develop off-grid power projects in Asia.
The investment follows a successful year for Winch Energy. In 2019 the developer expanded its footprint in Sub-Saharan Africa with the installation of RPU technology in new countries including Benin, Togo, Uganda and Sierra Leone. The off-grid utilities provider aims to install 300 RPUs in the upcoming year and provide electricity and ancillary services to millions of people across Sub-Saharan Africa, Asia and Latin America.
Nicholas Wrigley, CEO of Winch Energy Limited, commented: “We are obviously delighted with this new partnership with one of the largest and most successful trading houses in the world. Bringing a broad network of businesses and relationships in Africa, Latin America and Asia and supporting distribution of our RPU technology, the partnership will help Winch Energy accelerate its expansion into new and existing off-grid markets, ultimately benefiting millions of people.”