Nigeria’s Arnergy Secures $18M Solar Boost

April 17, 2025

Key Figures & Findings: Arnergy, a Nigerian solar energy company founded by Femi Adeyemo, has secured $18 million in Series B funding to scale its clean energy reach. The round was led by CardinalStone Capital Advisers, with backing from global investors including British International Investment (BII), Breakthrough Energy Ventures, Norfund, EDFI MC, and All On. The Lagos-based firm focuses on distributed solar and battery solutions for SMEs, healthcare, and education. The funding will help scale up its Energy-as-a-Service and rent-to-own models across Nigeria, where energy access remains uneven. Investors cited the firm’s resilience in a tough operating environment and alignment with the SDGs as key reasons for backing the expansion.

Statistics & Insights: Arnergy has installed 1,800 solar systems totaling 9 MWp and 23 MWh of storage, offsetting 23,000 tonnes of CO₂ to date. With this raise, the company aims to deploy 12,000 more systems by 2029 and scale to all 36 Nigerian states, expanding beyond the 1,200 jobs it has already created.

Future Implications: By 2026, Arnergy’s expanded solar footprint could help displace diesel dependence across strategic sectors like rural clinics and public schools. Its growth may also catalyze private-sector-led climate finance in Nigeria’s energy transition roadmap.