Arnergy Solar, a leading Nigerian renewable energy company, has secured an $18 million Series B investment. The funding round was led by CardinalStone Capital Advisers Growth Fund (CCA-GF), with British International Investment (BII) joining as a new investor with a $3 million investment. Existing investors Norfund - the Norwegian Investment Fund for Developing Countries, Bill Gate's Breakthrough Energy Ventures (BEV), EDFI Management Company (EDFI MC), and Shell's All On also participated in the round.
The investment consists of a $15 million Series B extension, in addition to a $3 million B1 round that was previously financed by All On, Shell-backed off-grid energy impact investment company. This brings the total funding for the round to $18 million.
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The series B round comes six years after Arnergy, a provider of solar power systems to homes and businesses, secured a $9 million Series A round in 2019. At that time, All On, along with other firms, including Bill Gates' Breakthrough Energy Ventures, ElectriFI, and Norfund, participated as investors in the round.
According to the company, The new capital injection is expected to fuel deployment of 12,000 additional solar systems by 2029, expansion of the rent-to-own financing payment, strategic partnerships to enhance distribution, and targeted sector growth in healthcare, education, and SMEs.
Aluko & Oyebode advised Arnergy in connection with the capital raise. The team was led by Partner, Oludare Senbore, with support from Zacheus Akanni, Esther Yugbovwre, and Precious odina.
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