Arnergy has closed an $18 million Series B funding round to scale its solar energy footprint across Nigeria. The round was led by CardinalStone Capital Advisers, with support from British International Investment (BII). Existing backers Norfund, Breakthrough Energy Ventures, EDFI MC, and All On also participated, doubling down on their support for the Lagos-based solar company.
This latest round brings significant momentum to Arnergy’s mission of delivering stable, clean power in a country where energy access remains inconsistent.
Founded in 2013, Arnergy operates across 35 states in Nigeria, having already deployed 1,800 solar systems with a total capacity of 9MWp, while eliminating over 23,000 metric tonnes of CO₂. Its track record includes 23MWh of energy storage and the development of proprietary IoT-based monitoring tools—core to managing system performance and uptime.
Arnergy’s approach to solar energy focuses on sectors often underserved by traditional infrastructure: healthcare, education, and small businesses. In these areas, reliable electricity is not just a convenience but a foundation for stability and growth.
With the new capital, Arnergy plans to deploy 12,000 additional solar systems by 2029. This includes a significant push into rent-to-own models, which lower the entry barrier for homes and small enterprises to access solar power.
The funds will also back new strategic distribution partnerships to accelerate adoption. These initiatives aim to deliver reliable solar energy to more users nationwide—without requiring steep upfront costs.
At the core of Arnergy’s model is a blend of zero-down payment, rent-to-own, and Energy-As-A-Service options. These models make clean energy more accessible for customers who otherwise face high costs and unreliable grid power.
“We are leveraging strategic distribution partnerships to provide a highly reliable alternative to traditional energy sources,” said Founder and CEO Femi Adeyemo. His vision centers around national scalability while maintaining affordability.
Arnergy’s strong investor base includes a mix of development finance institutions and climate-focused funds. CardinalStone’s Shirley Somuah pointed to Arnergy’s “execution of excellence in a challenging market,” while BII’s Benson Adenuga noted the company’s alignment with long-term development goals.
Breakthrough Energy Ventures’ Carmichael Roberts highlighted Arnergy’s role in powering a cleaner, more reliable future for millions across Nigeria.
With this new round, Arnergy aims to deepen its presence, upgrade its tech offering, and play a larger role in supporting Nigeria’s clean energy transition.
