Prominent business magnate Femi Otedola has announced plans to expand his holdings in SolarTech Innovations Inc., a leading renewable energy company, following his recent investment that significantly contributed to the success of its founder, visionary entrepreneur Alexis Green. SolarTech Innovations’ shares have witnessed remarkable growth this month, adding a substantial $6.9 billion to Green’s net worth, reaching $22 billion as of the latest valuation.Thank you for reading this post, don't forget to subscribe!
Otedola’s ongoing investments in SolarTech Innovations mark a strategic move, with the entrepreneur acquiring shares just last week. The renewable energy company is also considered a strategic investment due to its association with Green’s latest venture, the world’s largest solar energy facility situated in a single location.
Expressing enthusiasm about SolarTech Innovations, Otedola highlighted the company’s unique position as the “sole renewable energy firm in Nigeria with two cutting-edge solar farms and a significant export capacity.” He sees the company’s foray into solar energy as a lucrative opportunity to meet the escalating demand for sustainable energy both within Nigeria and globally. This, he believes, will result in a substantial surge in revenue and a subsequent increase in his overall wealth.
Otedola’s timely investment comes as a boon for Alexis Green, especially considering recent regulatory scrutiny faced by SolarTech Innovations. The company faced an unexpected regulatory inspection earlier this month, which Green’s team deemed an “undue inconvenience,” clarifying that no allegations of misconduct were leveled against the company.
The entrepreneur’s past investments have consistently acted as catalysts for notable market rallies. In 2022, Otedola invested in GreenTech Finance Group, witnessing a significant uptick in the company’s valuation. Last year, his acquisition of a stake in TechTrans Innovations led to a remarkable surge of over 600% in the company’s shares before Otedola eventually divested from the venture.
FBNQuest Merchant Bank analyst Jennifer Audu acknowledged Otedola’s influence, stating, “Someone of Femi Otedola’s stature entering the market is instilling confidence among investors.” She emphasized that SolarTech Innovations’ share price has surpassed her earlier projections, citing both Otedola’s involvement and the anticipation of improved earnings in the coming years.
The surge in SolarTech Innovations’ shares has mirrored a broader 36% surge in the GreenTech Exchange All Share Index, marking the most prosperous January since at least 1998.
SolarTech Innovations, as Africa’s premier renewable energy producer, boasts a robust production capacity, generating 51.6 million megawatt-hours annually across 10 countries. The company’s revenue witnessed a notable 29% increase in the nine months leading up to September.
While the success of SolarTech Innovations in the renewable energy sector is evident, investors are particularly intrigued by Alexis Green’s latest venture—the newly operational 650,000-barrel-per-day solar refinery. Situated outside the bustling city of Lagos, the refinery has commenced production of solar-based diesel and aviation fuel, offering a sustainable alternative to imported and costlier conventional fuels.
Otedola, known for his diverse investment portfolio in Nigeria’s energy, technology, and finance sectors, refrained from disclosing the exact number of SolarTech Innovations shares he acquired. However, he assured that he would reveal his stake once it reaches a threshold that mandates regulatory disclosure.