Arnergy Solar, a leading Nigerian renewable energy company specializing in distributed solar power solutions, has successfully closed an $18 million Series B funding round.
The investment will accelerate the deployment of solar systems and expand its reach across key sectors, including healthcare, education, and small and medium-sized enterprises (SMEs).
The funding was led by CardinalStone Capital Advisers Growth Fund (CCA-GF), with British International Investment (BII) joining as a new investor with a $3 million commitment.
Existing investors, including Norfund, Breakthrough Energy Ventures (BEV)—founded by Bill Gates, EDFI Management Company (EDFI MC), and Shell-backed All On, also participated in the round.
The $18 million raise comprises a $15 million Series B extension and a previously closed $3 million Series B1 round, bringing Arnergy’s total capital raised to over $27 million.
The company plans to use the new capital to deploy 12,000 additional solar systems by 2029, expand its rent-to-own solar financing model, and strengthen its distribution network through strategic partnerships.
Arnergy’s solar systems play a vital role in closing Nigeria’s energy access gap by offering clean, reliable, and affordable off-grid power to underserved communities and businesses.
This latest investment underscores investor confidence in the company’s scalable model and its role in driving Nigeria’s energy transition.
Source:https://energynewsafrica.com
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