Arnergy raised $18M to scale solar across Nigeria

With backing from CardinalStone, BII, Norfund and Breakthrough Energy, Arnergy has secured $18M in Series B funding to scale solar and storage in Nigeria by 2029.

By Prudhvi Rani 15 Apr 2025 in Business Bytes

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Arnergy deployed 1,800 solar systems with 9 MW capacity, reducing 23,000 metric tons of CO₂ across Nigeria. Image Credit/Source: MarkStebnicki/Pexels

Arnergy, a renewable energy company, has raised $18 million in a Series B round led by CardinalStone Capital Advisers, with participation from BII and others including Norfund and Breakthrough Energy Ventures. The company had deployed 1,800 solar systems totaling 9 MW and eliminated 23,000 metric tonnes of CO₂. Founded in 2013, Arnergy operated in 35 Nigerian states, employed 1,200 people, developed IoT monitoring, and built 23 MWh of storage. The new funding aimed to support 12,000 more systems by 2029, expand rent-to-own models, and focus on healthcare, education, and SMEs. Investors acknowledged Arnergy’s resilience and alignment with development goals. The funding positioned the company to expand, enhance its technology, and contribute to Nigeria’s energy transition.

#Nigeria #BreakthroughEnergy #BII #Arnergy

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