Nigeria’s Arnergy Solar Secures $18 Million Series B Round to Scale Solar Deployments, Expand Access in Key Sectors

Arnergy Solar, a leading Nigerian renewable energy company specializing in distributed solar power solutions, has successfully closed an $18 million Series B funding round to accelerate its solar deployment initiatives and expand its footprint across critical sectors.

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.

By Kavitha, Solar Quarter

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Nigeria still carries world’s highest malaria burden

Nigeria continues to lead the world in malaria cases and deaths, despite decades of global and domestic investments, according to the latest World Malaria Report 2024 released by the World Health Organization (WHO).

The report draws on 2023 data from 83 malaria-endemic countries, including the territory of French Guiana, while also presenting trends in malaria morbidity and mortality globally and by region.

The report, which highlighted the 2023 global malaria incidence, shows that Nigeria accounted for 26 per cent of global malaria cases, again making it the most malaria-affected nation worldwide.

Out of the estimated 263 million malaria cases recorded globally in 2023, Nigeria accounted for 68 million (68,136,000). DRC Congo followed suit with 33 million cases. Uganda had over 12 million people affected by the disease in 2023, while Ethiopia logged 9.5 million of the global reported cases of the disease.

This shows that the four countries are among the 11 ‘High Burden to High Impact (HBHI)’ countries, a group responsible for 66 per cent of global malaria cases and 68 per cent of deaths in 2023.

Others are Mozambique (9.2 million), United Republic of Tanzania (8.5 million), Angola (8.2 million), Mali (8.2 million), Burkina Faso (8.1 million), Niger (7.9 million), and Côte dʼIvoire (7.8 million).

Nigeria also ranked highest in malaria-related deaths, contributing significantly to the 597,000 global fatalities. The WHO African Region, which includes Nigeria, accounted for 94 per cent of the total global malaria burden and 95 per cent of deaths.

Four African countries accounted for just over half of all malaria deaths globally, with Nigeria having 30.9 per cent, and the Democratic Republic of the Congo having 11.3 per cent. Niger (5.9 per cent) and the United Republic of Tanzania (4.3 per cent) are the two other nations that accounted for 10 per cent of the cases.

While mortality from malaria has declined slightly over the past three years globally, from 622,000 in 2020 to 597,000 in 2023, according to the latest WHO report, Nigeria’s data remain high, especially among children under five and pregnant women.

According to WHO estimates, the country also recorded the largest number of under-five malaria deaths.

By Mustapha Usman, ICIR

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