Nigerian renewable energy provider Arnergy just closed an $18 million funding round, as CIO Africa reported.

This funding will help spread more solar energy systems across the continent. Arnergy has major players behind it, including Shell-backed investment firm All On and Bill Gates’ Breakthrough Energy Ventures.

Femi Adeyemo and Kunle Odebunmi founded the company in 2013 to help with unreliable grid access in certain areas. Their solar initiative will help more Nigerians and other Africans enjoy sustainable energy in their homes and businesses. The company will also expand in the industrial arena and include financial products for even greater accessibility.

CEO Femi Adeyemo proudly proclaimed, “This new investment is a strong vote of confidence in Arnergy’s mission to democratize energy access across Africa.” 

As Arnergy pushes ahead in its expansion, the company and similar ones can make life easier for the 600 million Africans without electricity, per UN Sustainable Development Group, 90 million of whom are in Nigeria. A reliable grid affects everything from healthcare to education to cooking safety. The population and urbanization are also increasing, making the need for electrification paramount. 

From cobalt to chromium to bauxite, Africa sources most of the mined minerals needed in the world’s clean energy transition. However, it stands at a unique crossroads to better utilize those resources to (em)power the continent and not just export them elsewhere. With homegrown companies like Arnergy, the continent’s future can be brighter, especially with energy powered by the sun.

The international sustainable energy transition hasn’t been without its drawbacks, but investing capital and innovation makes sense from an economic standpoint as much as an environmental one. Companies like Arnergy see a void and are filling it with tangible products and services. Renewable energy investments outpaced their dirty fuel counterparts by 39% in 2024, according to As You Sow, making them a sound financial option for angel investors and individuals building their portfolios.

Don’t forget about the jobs. As more sustainable projects and companies take off, they employ production, maintenance, and installation services. For example, the Avangrid solar project will create 100 jobs in California, and Ohio’s largest solar farm, Fox Squirrel Solar, will have hundreds of jobs to fill.

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