Continued Support for Arnergy’s Renewable Energy Vision in Nigeria
Brussels, 14 April 2025 – EDFI Management Company (EDFI MC) announced today its continued support for Arnergy, a leading Nigerian renewable energy company, through its participation in the company’s successful Series B funding round. This investment builds on EDFI MC’s initial support in 2019, through its European Union funded facility – ElectriFI, demonstrating the catalytic effect of our early-stage investments in unlocking growth and attracting additional funding from global investors.
Arnergy, a pioneer in Nigeria’s solar energy sector, has secured $18 million in funding led by CardinalStone Capital Advisers (CCA). Alongside CCA, British International Investment, Norfund, Breakthrough Energy Ventures, and All On also contributed to this round. EDFI Management Company’s ongoing investment in Arnergy reflects our confidence in the company’s mission to accelerate renewable energy adoption and consolidate its position as Nigeria’s leading provider of reliable solar energy solutions to businesses and households.
This funding will enable Arnergy to scale its operations and introduce innovative product offerings targeting key sectors such as residential, healthcare, education, financial services, hospitality, and agribusiness. The company aims to install over 12,000 solar systems by 2029, significantly increasing access to clean energy and reducing reliance on inefficient fossil fuel generators.
Since its inception in 2013, Arnergy has delivered over 1,800 solar systems, achieving more than 9MWp of solar capacity and 23MWh of energy storage across 35 states in Nigeria. This activity displaces greenhouse gas emissions, contributing to a cleaner environment and creates jobs.
The successful close of this Series B round highlights the growing confidence in indigenous energy companies’ ability to deliver world-class solutions and drive investment in renewable energy innovation. EDFI MC’s continued support for Arnergy underscores the success of our catalytic approach to unlocking the full potential of bold ideas.
“We are excited to continue our partnership with Arnergy, supporting their growth and commitment to sustainable energy solutions. This investment builds on our initial support in 2019 and demonstrates the catalytic effect of our early-stage investments in attracting additional funding from global investors,” said Rodrigo Madrazo García de Lomana, CEO of EDFI Management Company.
“We are excited and proud to have raised capital from a stellar syndicate of investors at a time when the market needed it most. This funding enables us to extend our high-quality solar products and services to the mainstream at competitive rates. With a nationwide expansion of our innovative zero-down, rent-to-own models, we are leveraging strategic distribution partnerships to provide a highly reliable alternative to traditional energy sources,” said Femi Adeyemo, Founder and CEO of Arnergy.
This investment/project contributes to Global Gateway, the EU’s investment strategy for partner countries, which aims to mobilise €300 billion in investments between 2021 and 2027 with a mix of grants, concessional loans and guarantees to de-risk private sector investments.
About EDFI Management Company
EDFI Management Company (EDFI MC) is a multilaterally owned impact asset manager which delivers innovative development finance solutions that enable European DFIs, development banks and private sector investors to increase the scale and impact of their work. The company focuses on business models, technologies and geographies where other investors have not been able to operate at the desired scale given their resources and investment criteria. For more information, visit www.edfimc.eu.
About ElectriFI
The Electrification Financing Initiative – ElectriFI, managed by EDFI Management Company, is an impact-first investment facility, funded by the European Union, USAID’s Power Africa programme, the Government of Sweden and the Government of Italy. ElectriFI is investing in early-stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries. For more information, visit www.electrifi.eu.
Media inquiries
For EDFI Management Company: Natasa Lakovic, n.lakovic@edfimc.eu
