An indigenous energy company, Arnergy, has announced plans to invest $9,000,000 (N3.24 billion) that it has lately raised to the Nigerian power industry.
Arnergy’s chief executive, Femi Adeyemo, announced this at a press briefing on Wednesday in Lagos.
Mr Adeyemo said that the funds were raised in a Series A funding round led by Breakthrough Energy Ventures with involvement from the Norwegian Developing Countries Investment Fund (Norfund), EDFI ElectriFI and All On.
Mr Adeyemo noted during his comments that Nigeria requires 200,000 megawatts of energy to fulfill a thousand megawatts to a million population prescription. He said his company would be willing to contribute its quota to make it a reality.
“Our firm uses solar power, storage solutions and proprietary remote management technologies to deliver energy solutions to businesses and homes; tackling tackle issues related to grid unreliability.
“Our distributed renewable energy systems harness the combination of solar power, superior storage solutions and proprietary remote management technologies to deliver scalable, reliable and affordable energy solutions that are tailored to tackle issues related to intermittency and grid unreliability.”
Since its launch, the firm said it has provided more than 2MW of installed capacity and more than 5MWh of business and residential storage capability across Nigeria.
Mark Davis, Norfund’s Clean Energy Executive Vice President, who was present at the meeting, said the Norwegian government is proud to promote the initiative.
”We are happy to support this initiative which will provide Nigerian households and businesses on a weak-grid connection with a cheaper, cleaner and more reliable power solution, ” he said.
Speaking on the investment, CEO of Shell funded All On, Wiebe Boer, said, “This is a deal that is particularly exciting to us at All On as a Nigerian impact investor because it reinforces our belief that local energy companies like Arnergy with innovative Nigerian technology and business models can attract investments from global giants like Breakthrough Energy Ventures, Norfund and ElectriFI, and are ready and able to compete on a global stage.”
