In News by Naijatweet Staff on the 03rd, July, 2019

Firm unveils plans to inject N3 billion into Nigeria’s power sector

Firm unveils plans to inject N3 billion into Nigeria's power sector

An indigenous energy firm, Arnergy, has announced it plans to invest $9,000,000 (N3.24billion) which it recently raised into the Nigerian power sector.

The Chief Executive Officer of Arnergy, Femi Adeyemo, disclosed this at a media briefing in Lagos on Wednesday.

Mr Adeyemo said the funds were raised in a Series A round of funding led by Breakthrough Energy Ventures with participation from the Norwegian Investment Fund for Developing Countries (Norfund), EDFI ElectriFI and All On.

During his remarks, Mr Adeyemo noted that to meet up with a thousand megawatt to one million population prescription, Nigeria needs 200,000 megawatts of electricity. He said his firm is ready to contribute its quota to make it a reality.

“Our firm uses solar power, storage solutions and proprietary remote management technologies to deliver energy solutions to businesses and homes; tackling tackle issues related to grid unreliability.

“Our distributed renewable energy systems harness the combination of solar power, superior storage solutions and proprietary remote management technologies to deliver scalable, reliable and affordable energy solutions that are tailored to tackle issues related to intermittency and grid unreliability.”

Since its launch, the company said it has delivered over 2MW of installed capacity and over 5MWh of storage capacity to business and residences across Nigeria.

Mark Davis, the executive vice president clean energy from Norfund, who present at the gathering said the Norwegian government is proud to support the initiative.

”We are happy to support this initiative which will provide Nigerian households and businesses on a weak-grid connection with a cheaper, cleaner and more reliable power solution, ” he said.

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Speaking on the investment, CEO of Shell funded All On, Wiebe Boer, said, “This is a deal that is particularly exciting to us at All On as a Nigerian impact investor because it reinforces our belief that local energy companies like Arnergy with innovative Nigerian technology and business models can attract investments from global giants like Breakthrough Energy Ventures, Norfund and ElectriFI, and are ready and able to compete on a global stage.”

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