Arnergy Solar Limited has secured a $9m Series A funding to provide solar energy solutions to 35,000 businesses within the next 36 months in Nigeria.
The Chief Executive Officer, Arnergy, Mr Femi Adeyemo, while speaking at a press conference in Lagos recently, said the investment was led by Breakthrough Energy Ventures, with participation from the Norwegian Investment Fund for Developing Countries and ElectriFI.
Adeyemo said, “We are excited to enter this next phase with investors that share our vision of tackling the most pressing energy challenges across emerging market economies, starting with Nigeria.
“We believe that energy needs in Nigeria have surpassed rudimentary requirements of low power utilisation and our product offerings are solving for reliability and not just access.”
He added that Arnergy had delivered over two megawatts of installed capacity and over five MW-hour of storage capacity to business and residential clients across Nigeria.
According to him, the targeted verticals for the company’s five KW modular systems will include small businesses, healthcare, hospitality, financial services, agribusiness and education.
An Investment Manager with Norfund, Mr Anders Blom, said Norfund was proud to support the expansion of Arnergy, which would provide Nigerian households and businesses on a weak-grid connection with cheaper, cleaner and more reliable power solutions to meet their daily needs.
He noted that though the initiative would not solve all of the country’s electricity challenges, it would go a long way in addressing part of the needs.