Three Nigerian firms have secures $17 million to continue the clean energy solution programme in the country.
Clean energy programme in Nigeria has continued to attract Foreign Direct Investment, (FDI) following recent massive funds voted by the UK-funded Manufacturing Africa programme that scored a significant win for Nigeria’s clean energy sector.
Three companies, Arnergy, Koolboks, and BURN Manufacturing collectively secured $17 million in Foreign Direct Investment (FDI), boosting Nigeria’s efforts to expand access to renewable energy solutions.
These investments will provide energy for more Nigerians, reduce carbon emissions, lead to the creation of 1100 jobs, and support thousands of livelihoods.
Also Arnergy a leading renewable energy company in Nigeria that specializes in designing and manufacturing technology-enabled solar micro-grid and rooftop solutions got $3 million bridge financing from a Shell-backed impact investment company, the company has already raised $7.5 million in their Series B fundraise.
In addition to this Koolboks is revolutionizing access to refrigeration services, particularly for underserved communities and women entrepreneurs through their solar-powered cooling systems.
Their pay-as-you-go technology and accessible business model has attracted a 5-million-euro subsidy from Beyond the Grid Fund for Africa (BGFA), for launch and expansion in Uganda.
Jonny Baxter, the British Deputy High Commissioner in Lagos, speaking on the development said: “The UK Government supports the ambition of the Federal Government’s Renewed Hope agenda: to boost private-sector led economic growth in Nigeria. We’re funding the Manufacturing Africa programme to provide free advisory services to companies raising finance to expand their capabilities and create new jobs in Nigeria. It’s great to see these companies realise their goals with UK support.”
