CRE Venture Capital and the Omidyar Network recently led a Series A investment in which Rensource Energy raised $20 million to provide solar power to markets in Nigeria.
The Nigerian based renewable energy company Rensource Energy builds and manages micro solar utilities to provide electricity to commercial and residential clients. One of their major business clientele is the open-air trading bazaars that are common throughout all of Africa.
One of the largest markets in the state of Kano (Nigeria), Sabon Gari uses solar power supplied by Rensource. Isikan market in Ondo state is also powered by Rensource. The company has plans to expand to one hundred local markets throughout Nigeria as well as to other African countries in the next 24 months. This large expansion is capital intensive, but with the new funding secured, the company is set for its next chapter.
Rensource Energy has in the past been working to provide solar energy both to commercial and residential clients in Nigeria. The company will shift its focus to the larger systems for utilization by the many urban markets in Nigeria. This was reported to TechCrunch by Rensource co-founder Ademola Adesina.
Rensource also partners with the German manufacturer BOS AG, for the design and production of specialized solar panels. Its software-related programs are handled by developers both in Nigeria and Europe.
Amidst its ample energy offer for the SME clients in Nigeria, the company also aims to offer a mini-enterprise resource planning tool for supply-chain services. This will include business-analytics and working capital options.
Nigeria’s citizens and companies struggle with fuel expenditures and unstable electricity supply. What Rensource Energy brings to the table is a profitable business model that is less reliant on noisy and polluting generators. It will also be saving costs for SMEs in Nigeria.
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