The funding round was led by CardinalStone Capital Advisers Growth Fund (CCA-GF), with British International Investment (BII) joining as a new investor with a $3 million commitment. The round also drew continued backing from existing investors including Norfund (the Norwegian Investment Fund for Developing Countries), Breakthrough Energy Ventures (BEV)—founded by Bill Gates, EDFI Management Company (EDFI MC), and Shell-backed All On.
The $18 million raise includes a $15 million Series B extension and a previously closed $3 million Series B1 round led by All On. This brings Arnergy’s total capital raised to date to over $27 million, following its $9 million Series A in 2019 that included support from BEV, Norfund, ElectriFI, and All On.
The new capital is earmarked for deployment of 12,000 additional solar systems by 2029, expansion of Arnergy’s rent-to-own solar financing model, and sector-specific growth in healthcare, education, and small and medium-sized enterprises (SMEs). The company also plans to leverage strategic partnerships to strengthen its distribution network and increase energy access across Nigeria.
Legal advisory on the deal was provided by Aluko & Oyebode, with Partner Oludare Senbore leading the transaction, supported by Zacheus Akanni, Esther Yugbovwre, and Precious Odina.
Arnergy’s solar systems play a vital role in closing Nigeria’s energy access gap by offering clean, reliable, and affordable off-grid power to underserved communities and businesses. This latest investment underscores investor confidence in the company’s scalable model and its role in driving Nigeria’s energy transition.
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