News Summary

Arnergy, a cleantech startup based in Lagos, Nigeria, has raised an $18 million Series B extension to expand solar access in the country. This funding comes amidst a significant increase in demand for solar energy due to unreliable grid power and rising fuel costs in Nigeria. The company, backed by Bill Gates’s Breakthrough Energy Ventures, initially launched in 2013 to provide solar systems to various sectors including hospitality, education, and healthcare. Arnergy has shifted its focus to a lease-to-own model, which has become more popular due to recent government policy changes that increased electricity costs. This model allows customers to pay fixed monthly fees over several years, making solar energy more affordable compared to traditional diesel or petrol generators. With the new funding, Arnergy aims to install over 12,000 systems by 2029. However, the startup faces challenges from a proposed government policy to ban solar panel imports, which could hinder industry growth if implemented prematurely.