In a major boost to Nigeria’s clean energy ambitions, Arnergy Solar, a leading renewable energy solutions provider, has closed an $18 million Series B funding round to scale its solar power deployments and deepen its impact across vital sectors.
The investment was spearheaded by CardinalStone Capital Advisers Growth Fund (CCA-GF), with British International Investment (BII) joining the round as a new investor, committing $3 million. Existing backers such as Norfund, Breakthrough Energy Ventures (BEV) — founded by Bill Gates — EDFI Management Company, and Shell-backed All On also participated, reaffirming their support.
This fresh funding includes a $15 million Series B extension and a previously completed $3 million Series B1 round led by All On. In total, Arnergy has now raised over $27 million, building on its earlier $9 million Series A round in 2019.
Accelerating Clean Energy Growth
The newly secured capital will enable Arnergy to deploy an additional 12,000 solar systems by 2029, with a focus on underserved markets. The company will also scale its rent-to-own financing model, making solar solutions more accessible to Nigerians, particularly in the healthcare, education, and SME sectors.
With plans to forge new strategic partnerships and strengthen its distribution network, Arnergy aims to make reliable off-grid power a reality for thousands more across Nigeria.
“This investment is a vote of confidence in our vision to deliver scalable, affordable, and sustainable energy solutions,” said Femi Adeyemo, Arnergy’s CEO. “Our mission is to empower homes and businesses with clean energy, especially in communities long excluded from the national grid.”
Legal and Strategic Backing
The transaction received legal support from Aluko & Oyebode, with Partner Oludare Senbore leading the advisory team alongside Zacheus Akanni, Esther Yugbovwre, and Precious Odina.
“Arnergy is a key player in Nigeria’s energy transition story,” noted Senbore. “This funding round reflects strong investor belief in renewable solutions as the future of power access in Africa.”
Powering Nigeria’s Energy Transition
Arnergy’s work has become increasingly important as Nigeria seeks to close its significant energy access gap. By offering distributed solar systems, the company helps reduce reliance on expensive and polluting diesel generators, while driving economic resilience and environmental sustainability.
The Series B round strengthens Arnergy’s capacity to lead in the renewable energy space — not only as a solar provider but also as a catalyst for energy equity and economic empowerment in Nigeria.
