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

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The firm says it raised the fund from investors, including the Norwegian Investment Fund for Developing Countries (Norfund)

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

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 , EDFI ElectriFI and All On. “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.

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.

Source: News Formal (newsformal.com)

 

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