CardinalStone leads investment in Nigeria's Arnergy Solar
West Africa-focused private equity fund manager in renewable energy deal.
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CardinalStone Capital Advisers (CCA), a West Africa-focused private equity fund manager, has announced that its CardinalStone Capital Advisers Growth Fund (CCAGF) has led an $18 million Series B investment in Arnergy Solar, a Nigerian renewable energy company. Investing alongside CCA, British International Investment (BII) – a limited partner in CCAGF – joins as a new investor in the business.
The round also includes existing investors: Norfund, Breakthrough Energy Ventures, EDFI Management Company, and All On.
Femi Adeyemo, founder and CEO of Arnergy, said: “We are excited and proud to have raised capital from a stellar syndicate of investors at a time when the market needed it most. This funding enables us to extend our high-quality solar products and services to the mainstream at competitive rates. With a nationwide expansion of our innovative zero-down, rent-to-own models, we are leveraging strategic distribution partnerships to provide a highly reliable alternative to traditional energy sources.”
Shirley Somuah, partner at CCA, commented: “CCA is pleased to have led this round alongside a strong group of investment partners. Arnergy has been a pioneer in mid-scale innovative, affordable off-grid solar, and we are excited to be a partner for this next phase of growth. Our investment in Arnergy is closely aligned with our premise of backing businesses that meet fundamental unmet demand and with one of our key investment themes – climate. We have confidence in the team’s ability to continue to achieve execution excellence in a challenging market.”
Benson Adenuga, coverage director and head of Nigeria Office at BII, added: “Nigeria’s immense potential can be unlocked through improved access to electricity. We are pleased to support Arnergy, a leading C&I solar company, in partnership with CCA and other investors. This initiative will facilitate the installation of more solar systems across the country. It will drive sustainable economic growth by providing clean energy sources and empower more Nigerians and their businesses. This is aligned with BII’s commitments to supporting sustainability and inclusion in Africa.”
Arnergy marks the seventh and final investment for CCAGF.
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