Arnergy, a leading Nigerian solar energy company, has successfully closed an $18 million Series B funding round led by CardinalStone Capital Advisers, with additional support from British International Investment (BII) and participation from existing backers including Norfund, Breakthrough Energy Ventures, EDFI MC, and All On.
This new round reinforces Arnergy’s mission of delivering stable, clean power in Nigeria, a market where energy access remains inconsistent.
Founded in 2013, Arnergy operates in all 35 states of Nigeria and has already deployed over 1,800 solar systems with a total capacity of 9 MWp, while eliminating more than 23,000 metric tonnes of CO₂. In addition, the company has achieved 23 MWh in energy storage and developed proprietary IoT-based monitoring tools that ensure optimal system performance and uptime.
By focusing on sectors such as healthcare, education, and small businesses—areas often underserved by traditional energy infrastructure—Arnergy provides a reliable and sustainable energy alternative crucial for stability and growth.
With the new funding, Arnergy plans to deploy 12,000 additional solar systems by 2029. A key part of this expansion involves a significant push into innovative rent-to-own models that reduce entry barriers for homes and small enterprises.
Moreover, the capital will support the formation of strategic distribution partnerships to accelerate the adoption of solar energy solutions across Nigeria, thereby strengthening the country’s clean energy transition.
Founder and CEO Femi Adeyemo commented, “We are leveraging strategic distribution partnerships and innovative financial models to provide a highly reliable alternative to traditional energy sources. Our focus on national scalability, combined with affordable, accessible solutions, drives our mission to power Nigeria’s future.”
