All On Investee, Arnergy Solar secures $18 Million Series B Funding to Accelerate Growth and Drive Alternative Energy Transition

The round also includes existing investors: Norfund - the Norwegian Investment Fund for Developing Countries, Breakthrough Energy Ventures (BEV), EDFI Management Company (EDFI MC), and All On. This milestone reflects strong confidence in Arnergy’s mission to accelerate sustainable energy adoption while consolidating its position as Nigeria's leading renewable energy player. 

The Series B funding follows a $3 million bridge funding from All On in 2024, which was instrumental in making this series happen. This builds on the long-standing support from All On and a $9 million Series A round led by Breakthrough Energy Ventures in 2019, showing a validation of Arnergy’s impressive growth trajectory.

Expanding Impact Across Key Sectors

The investment will enable Arnergy to scale its operations and roll out innovative product offerings of its solar systems. It will target critical sectors such as residential, healthcare, education, financial services, hospitality, and agribusiness. The new funding is expected to help Arnergy install over 12,000 solar systems by 2029.

Since its founding in 2013, Arnergy has established itself as a leader in Nigeria’s solar energy space. It offers cutting-edge solar power systems, advanced lithium storage technologies, and proprietary real-time IoT remote monitoring platforms, that address the significant energy deficit in the country. Increasing the use of renewable energy is critical for Nigeria where people are contending with unreliable, expensive and polluting energy sources.

The company has delivered over 1800 systems to achieve over 9MWp of solar capacity and 23MWh of energy storage across 35 states in Nigeria. This is significantly reducing dependency on inefficient and environmentally harmful fossil fuel generators. Furthermore, the Company has created 1200+ jobs while displacing 23,000 Metric tonnes of greenhouse gas emissions.

“We are excited and proud to have raised capital from a stellar syndicate of investors at a time when the market needed it most. This funding enables us to extend our high-quality solar products and services to the mainstream at competitive rates. With a nationwide expansion of our innovative zero down, rent-to-own models, we are leveraging strategic distribution partnerships to provide a highly reliable alternative to traditional energy sources,” said Femi Adeyemo, Founder and CEO of Arnergy.

A Vote of Confidence in Indigenous Innovation

The successful close of this Series B round underscores the increasing confidence in indigenous energy companies’ capacity to deliver world-class solutions while fostering investment in renewable energy innovation.

"All On is proud to continue supporting Arnergy in their mission to provide affordable and reliable clean energy solutions across Nigeria. The $3 million bridge funding in 2024 was a testament to our confidence in Arnergy's innovative approach and their ability to drive significant impact in the renewable energy sector. We are excited to see Arnergy's growth and the positive changes they are bringing to communities and businesses throughout the country." - Caroline Eboumbou, CEO, All On.

"Arnergy has attracted reputable investors into Nigeria’s Distributed Renewable Energy ecosystem over the past decade. They represent an innovative model of development that is led by indigenous companies developing world-class services and offerings in solar home systems, mini-grid deployments, and more. By leveraging this new equity capital injection to scale rollout across Nigeria, we are one step closer to ensuring sustainable energy for all” said Damilola Ogunbiyi, CEO and Special Representative of the UN Secretary-General for Sustainable Energy for All, and Co-Chair of UN-Energy.

Shirley Somuah, Partner at CCA commented: “CCA is pleased to have led this round alongside a strong group of investment partners. Arnergy has been a pioneer in mid-scale innovative, affordable off-grid solar, and we are excited to be a partner for this next phase of growth. Our investment in Arnergy is closely aligned with our premise of backing businesses that meet fundamental unmet demand and with one of our key investment themes – climate. We have confidence in the team’s ability to continue to achieve execution excellence in a challenging market.”

“Nigeria’s immense potential can be unlocked through improved access to electricity. We are pleased to support Arnergy, a leading C&I solar company, in partnership with CCA and other investors. This initiative will facilitate the installation of more solar systems across the country. It will drive sustainable economic growth by providing clean energy sources and empower more Nigerians and their businesses. This is aligned with BII’s commitments to supporting sustainability and inclusion in Africa,” said Benson Adenuga, Coverage Director and Head of Nigeria Office at BII.

"We're excited to join Arnergy’s Series B round, building on our initial $3 million investment in 2019. Seeing their growth and ability to attract additional private and DFIs funding underscores the success of our catalytic approach—supporting bold ideas early to unlock their full potential," said Rodrigo Madrazo García de Lomana, CEO of EDFI Management Company.

“By providing affordable, reliable clean energy to communities across Nigeria, Arnergy will unlock economic opportunity for families and businesses throughout the country. We're proud to support Arnergy's innovative model and technology and believe deeply in their ability to ensure a brighter future for all Nigerians,” said Carmichael Roberts of Breakthrough Energy Ventures (BEV).

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Onyebuchi Odianjo
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