Oando Named ESG Company of the Year at African Energy Award 2023

Peter Uzoho

Oando, one of Nigeria’s leading indigenous energy solutions providers has bagged the award for ESG company of the year at the ongoing African Energy Week in Cape Town, South Africa.

A statement yesterday explained that the award recognised the company’s strides in investing in climate-friendly and bankable energy solutions across the African continent, thus meeting the continent’s demand through the exploitation of green and renewable sources towards achieving a carbon-neutral Africa.

On May 23, Oando Clean Energy Limited (OCEL), the renewable energy subsidiary of Oando, in partnership with the Lagos Metropolitan Area Transport Authority (LAMATA) had marked the formal commencement of operations of its electric mass transit buses in a grand ceremony at Lagos Bus Services Limited (LBSL) Head Office, in Lagos.

To date, OCEL has covered over 45,000 kilometres, carried over 75,000 passengers, prevented over 23,000 litres of diesel from being used and mitigated approximately 54.6 tons of carbon emissions.

Speaking on the awards, the President and CEO, OCEL, Dr. Ainojie Irune, said, “We receive this honour, ESG Company of the Year, with deep gratitude. It is an award that speaks to our highest aspirations. Nigeria and, indeed, Africa are at the heart of what we do.

“From inception, reframing the African narrative has always fuelled our ambitions at Oando. Oando Clean Energy’s (OCEL) DNA is no different. This award goes to the army of experienced and passionate individuals driven by a desire to turn challenges into opportunities if the end journey is one of positive impact.

 “The future is now; the future is here. To fellow nominees in this category, Baker Hughes and General Electric, I congratulate these illustrious companies for their strides in ESG..”

In an interview with the Financial Times in June 2023, Irune explained that OCEL was making significant inroads in the power sector.

 He said: “Demographic trends and development plans show the country’s growing energy demand is inescapable. We are clear in our minds that a sustainable solution to ensuring all Nigerians have access to power will include deploying innovative and captive power solutions that address the unique needs of each community.

“To this end, we have partnered with the Rural Electrification Agency (REA) of Nigeria to deploy solar mini-grids towards achieving energy security, power accessibility and affordability across rural communities.”

Just last week, FuelCell Energy, Inc. and OCEL announced the signing of a memorandum of understanding (MOU) to collaborate on developing a 5 to 15-megawatt (MW) power plant.

In addition to FuelCell Energy’s fuel cell and electrolyser technology, the agreement also includes the potential for the use of FuelCell Energy’s carbon capture and sequestration technologies.

Unlike other carbon capture technologies that require power to capture carbon dioxide, FuelCell Energy’s platforms can produce power while simultaneously capturing carbon dioxide.

The signing of the MOU was an integral part of OCEL’s drive to strengthen electricity access in African markets via low-carbon renewable energy sources starting in its home country, Nigeria.

Headquartered in Lagos, Nigeria, OCEL’s core areas of interest include Sustainable Transport, Solar Energy Solutions, Gas and biofuels, Waste to Energy, Wind Farms, Geothermal Power Plants, Hydro Energy and other emerging technologies.