Lagos Clean-Tech Company, Arnergy, receives Funding from BOI and UNDP

In a groundbreaking event that highlighted the final winners of the Bank of Industry’s call for Renewable Energy proposals, Nigeria’s leading renewable energy provider, Arnergy Solar Limited, has secured long-term financing for the installation of off-grid solar home systems in six (6) Nigerian communities, as part of a Renewable Energy Partnership with the United Nations Development Programme.  These communities, with an average of 200 homes each, are located in Anambra, Delta, Gombe, Kaduna, Niger and Osun States. Each home will have sufficient solar energy to meet the basic energy needs of the average rural family. Further, the initiative will provide a commercially sound model for delivering power to rural homes in Nigeria at affordable rates and produce long-term alternatives to the problematic national grid.

Rasheed Olaoluwa, CEO, Bank of Industry commented:

“We want our rural communities to take control of their energy generation and to pay only for the energy they use. Our medium-term vision is to have 100,000 homes installed with solar systems in the next 5 years, through a combination of micro-grid and stand-alone solar home systems. This partnership with Arnergy is targeted at poverty alleviation and rural economic development.

“Inadequate power supply continues to undermine our economic development as a nation and quite a number of rural communities have been left out of the grid for several years.  Rather than wait in vain for access to the national electricity grid, this partnership presents a golden opportunity for our rural communities to be empowered with affordable off-grid solar home systems that are operated on a pay-as-you-go (PAYG) basis.”

Femi Adeyemo, CEO, Arnergy commented:

“Arnergy was founded as a direct solution to the negative externalities of domestic fossil fuels and the lethal impacts on our local communities.  We are committed to providing consumers at the bottom of the pyramid with clean and affordable energy that leverages pay-as-you-go systems priced at extremely affordable rates.

“Our strategic partnership with BOI in Nigeria will support our vision of powering one million rural homes and SMEs in West Africa by 2025.”

Kunle Odebunmi, Co- Founder/ COO, Arnergy commented:

“For a lot of the rural communities in Nigeria, a life without electricity is a life with limited opportunity and Arnergy is committed to providing local solutions to overcome energy related poverty in Nigeria.”

The world is making rapid advancements in solar technologies and  Photovoltaic (PV) systems remain a leading platform for off-grid solar home systems. Technology developments have also drastically reduced the cost of these systems over the last five years and global investments in the sector have increased by 29% to $149.6billion (2014), with China, US, Japan, India and Brazil serving as market leaders.

Stephen Ozoigbo, Board Advisor, Arnergy commented:

“Solar home systems are slowly becoming a global standard. In North America, SolarCity has installed over 500,000 solar home systems and the rate of adoption and engagement is growing steadily. The success of this partnership will also allow Arnergy to engage with international technology partners that support frugal innovation with cutting edge solutions.”