SAN FRANCISCO, July 20, (THEWILL) – In a groundbreaking event that highlighted the final winners of the Bank of Industry’s call for Renewable Energy proposals, Nigeria’s leading renewable energy provider, Arnergy Solar Limited, has secured long-term financing for the installation of off-grid solar home systems in six Nigerian communities, as part of a Renewable Energy Partnership with the United Nations Development Programme (UNDP).
These communities, with an average of 200 homes each, are located in Anambra, Delta, Gombe, Kaduna, Niger and Osun States. Each home will have sufficient solar energy to meet the basic energy needs of the average rural family.
Furthermore, the initiative will provide a commercially sound model for delivering power to rural homes in Nigeria at affordable rates and produce long-term alternatives to the problematic national grid.
CEO, Bank of Industry, Rasheed Olaoluwa, said: “We want our rural communities to take control of their energy generation and to pay only for the energy they use. Our medium-term vision is to have 100,000 homes installed with solar systems in the next five years, through a combination of micro-grid and stand-alone solar home systems. This partnership with Arnergy is targeted at poverty alleviation and rural economic development.
“Inadequate power supply continues to undermine our economic development as a nation and quite a number of rural communities have been left out of the grid for several years. Rather than wait in vain for access to the national electricity grid, this partnership presents a golden opportunity for our rural communities to be empowered with affordable off-grid solar home systems that are operated on a pay-as-you-go (PAYG) basis.”
On his part,CEO, Arnergy, Femi Adeyemo,said: “Arnergy was founded as a direct solution to the negative externalities of domestic fossil fuels and the lethal impacts on our local communities.
“We are committed to providing consumers at the bottom of the pyramid with clean and affordable energy that leverages pay-as-you-go systems priced at extremely affordable rates.
“Our strategic partnership with BOI in Nigeria will support our vision of powering one million rural homes and SMEs in West Africa by 2025.”
Co- Founder/ COO, Arnergy, Kunle Odebunmi,said :“For a lot of the rural communities in Nigeria, a life without electricity is a life with limited opportunity and Arnergy is committed to providing local solutions to overcome energy related poverty in Nigeria.”
The world is making rapid advancements in solar technologies and Photovoltaic (PV) systems remain a leading platform for off-grid solar home systems. Technology developments have also drastically reduced the cost of these systems over the last five years and global investments in the sector have increased by 29% to $149.6billion (2014), with China, US, Japan, India and Brazil serving as market leaders.
Board Advisor, Arnergy,Stephen Ozoigbo,said: “Solar home systems are slowly becoming a global standard. In North America, SolarCity has installed over 500,000 solar home systems and the rate of adoption and engagement is growing steadily. The success of this partnership will also allow Arnergy to engage with international technology partners that support frugal innovation with cutting edge solutions.”
Arnergy is a for-profit mini-utility social enterprise that leverages on credit analytics and prepaid metering technology to deploy solar energy solutions to homes and businesses across West-Africa.It custom designs solar energy systems for commercial and residential clients using tried and tested, intelligent solar energy system ensuring Africans have 24/7 power in their homes while reducing operating expenses of African businesses saving them huge costs otherwise spent on diesel/petrol generator maintenance and increased revenue otherwise lost to cut in production.
The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. It was reconstructed in 2001 out of the Nigerian Industrial Development Bank (NIDB) Limited, which was incorporated in 1964. The bank took off in 1964 with an authorised share capital of two million (GBP).
