Arnergy, a Nigerian distributed solar energy provider, has raised $18 million in a Series B funding round aimed at accelerating its clean energy expansion. The round was led by CardinalStone Capital Advisers and included participation from British International Investment (BII), with follow-on support from existing investors Norfund, Breakthrough Energy Ventures, EDFI MC, and All On.
The company has so far deployed 1,800 solar systems with a total installed capacity of 9 MWp, alongside 23 MWh of battery storage. These systems have helped eliminate 23,000 metric tonnes of CO₂ emissions. Arnergy operates in 35 states across Nigeria and has created more than 1,200 direct jobs.
The new funding will be used to deploy 12,000 additional solar systems by 2029, expand Arnergy’s rent-to-own and Energy-as-a-Service offerings, and build strategic partnerships to support growth in sectors such as healthcare, education, and small and medium-sized enterprises (SMEs).
CEO and founder Femi Adeyemo noted the company’s plan to expand its zero-down payment and distributed solar models nationwide. “With a nationwide expansion of our innovative zero down payment, rent-to-own, and Energy-As-A-Service models, we are leveraging strategic distribution partnerships to provide a highly reliable alternative to traditional energy sources,” he said.
Shirley Somuah of CardinalStone called Arnergy “a clear example of execution of excellence in a challenging market,” while Benson Adenuga of BII highlighted the investment’s alignment with sustainable development goals. Carmichael Roberts of Breakthrough Energy Ventures added that the company has the potential to “ensure a brighter future for all Nigerians.”