The ElectriFI country window for Nigeria contributed to Arnergy’s Series A round of USD 9 million together with Norfund and All On. Arnergy’s target in the next 3 years is to power 35 000 businesses across Nigeria.
ElectriFI committed USD 3 million to provide finance for expanding the customer bases and deploy up to 14 MW of photovoltaic solar panels and 35 MWh of storage over the next two years.
Arnergy is a leading provider of solar photovoltaic and storage solutions to SME’s in Nigeria. To date the company has installed more than 1.5 MW of photovoltaic solar modules to commercial Nigerian customers providing them with a clean, affordable and reliable source of electricity that will allow them to considerably reduce the recourse to expensive and polluting diesel generators. Arnergy sells its power and storage solution via three different contractual arrangements from cash sale to long term renting, therefore meeting the requirements of different types of customers.
EDFI ElectriFI funding will be utilised over the next two years to provide finance for expanding the customer bases and deploy up to 14 MW of photovoltaic solar panels and 35 MWh of storage.
Access to a reliable and affordable source of energy continues to hold back the development of SME’s in Sub Sahara Africa and in Nigeria in particular. By joining the equity raise, EDFI ElectriFI will contribute proving the scalability of the product and of the business It is also a unique opportunity to back promising local entrepreneurs.
USD 3 million
Targeted impact – Number of beneficiaries
Targeted impact – Annual output
Targeted impact – GHG avoidance