Nigeria Solar Company Raises $20 Million Led by Ebay Founder
A Nigerian solar-power company raised $20 million with the support of Ebay founder Pierre Omidyar’s investment firm to power business clusters in Africa’s most populous country.
Rensource received equity financing from a group of investors including Omidyar Network and CRE Venture Capital that will enable it target as many as 20 urban markets within 18 months, Chief Executive Officer Ademola Adesina said in a phone interview from London.
The company will “blanket the rooftops of the markets with solar panels,” he said, adding that Rensource will also install voltage and battery systems and smart meters. “We are thinking of collaborating with distribution companies to address industrial and residential customers.”
The country of more than 200 million people is only able to send about a quarter of its total power capacity to homes and businesses due to its dilapidated infrastructure. Its transmission lines can theoretically carry only about 7,500 megawatts, according to the country’s electricity regulatory authority.
Rensource has already set up in seven market clusters across the country and is now looking to expand rapidly, according to Adesina.
Source: Bloomberg L.P.
