Arnergy Solar Limited

Arnergy Solar Limited

STATUS: Approved investment

Publication date: 25 February 2019
Region: Sub Saharan Africa
Country: Nigeria
Sector: Solar PV
Total ElectriFI financing: USD 3mln
Environmental and Social Category: B
(A) high risk, (B+) medium high risk, (B) medium risk or (C) low risk

Brief description of the client and project

Arnergy is a leading provider of solar photovoltaic and storage solutions to SME’s in Nigeria. To date the company has installed more than 1.5 MW of photovoltaic solar modules to commercial Nigerian customers providing them with a clean, affordable and reliable source of electricity that will allow them to considerably reduce the recourse to expensive and polluting diesel generators. Arnergy sells its power and storage solution via three different contractual arrangements from cash sale to long term renting, therefore meeting the requirements of different types of customers.

Funding objective

Funding will be utilized over the next two years to provide finance for expanding the customer bases and deploy up to 14 MW of photovoltaic solar panels and 35 MWh of storage.

Why ElectriFi wants to fund this project

Access to a reliable and affordable source of energy continues to hold back the development of SME’s in Sub Sahara Africa and in Nigeria in particular. By joining the equity raise, ElectriFI will contribute proving the scalability of the product and of the business It is also a unique opportunity to back promising local entrepreneurs.

Environmental and social rationale: Which IFC PSs are triggered and the rationale behind it

This investment is categorised as B.

Activities come with potential limited adverse risks associated with waste management and labour conditions.

IFC Performance Standards 1 to 3 may be triggered. If so, risks and impacts will be addressed accordingly through EHS management plans and procedures.

Disclaimer

The information as disclosed is indicative and provided on an “as-is/as available” basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of ElectriFI in its sole and absolute discretion.

In case of questions

This approved investment is online for 30 days. In case of questions, please contact info@edfimc.eu.