Lagos-based renewable energy provider, Arnergy Solar Limited, has secured funding from Bank of Industry to provide off-grid solar systems for over 1000 homes in Nigeria.
The project which is also supported by the United Nations Development Program is part of the company’s poverty alleviation and rural economic development initiative. The project aims to install solar systems in six states in the country which will include Anambra, Delta, Gombe, Kaduna, Niger and Osun, so as to meet their power needs.
Femi Adeyemo, CEO, Arnergy said, ” We are committed to providing consumers at the bottom of the pyramid with clean and affordable energy that leverages pay-as-you-go systems priced at extremely affordable rates. Our strategic partnership with BOI in Nigeria will support our vision of powering one million rural homes and SMEs in West Africa by 2025.”
The company aims to have over 100,000 homes installed with solar systems in the next 5 years with an average of 200 homes within each community, through a combination of micro-grid and stand-alone solar home systems.
Currently China, US, Japan, India and Brazil serving as market leaders in solar technologies.
Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.