Rensource Energy, a Lagos-based renewable energy company, has raised $20 million in a Series A round investment.
The new investment, which was co-led by CRE Venture Capital and the Omidyar network, is to see the funding of Rensource business as it continues on the path to fuel Africa by harnessing solar energy.
According to Rensource, its business is fast shifting from residency to market power distribution.
Rensource revealed this in a statement on Wednesday, where its cofounder, Ademola Adesina, emphasised why the company has chosen to go the market way.
Ademola said: “We’ve pivoted away from a residential focus…and we’re building much larger systems to become essentially the utility for these large urban markets.”
According to Ademola, it is not an exaggeration to say that in a country of about 200 million heads with large geographical area, “we have a lot of (these markets) in Nigeria.”
While Nigeria might be a good market space to operate for Rensource, it has also pledged to solve the problem of lack of affordable and reliable electricity in Nigeria.
In the energy sector, Rensource, obviously, is coming to stiffen competition for the likes of Arnegy, Lumos and Asteven who are operating similar models. With the $20M funding, the future will tell if Rensource’s business, as a renewable energy player, is promising.
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