Lagos, Nigeria – Rensource Energy, a leading Lagos-based distributed energy services company, today announced an investment of an undisclosed amount in its first microutility project Sabon Gari Energy by Paris-based NEoT Offgrid Africa. NEoT Offgrid Africa, which is managed by NEoT Capital, is a platform investing in distributed renewable energy projects in Africa and is backed by infrastructure development giant, Meridiam, and France’s electric utility, Électricité de France (EDF) Group.
NEoT takes control of the board of Sabon Gari Energy Solutions, joining existing investors Rensource, Solad Power Holdings, Sissli, and System Trade Services.
The investment will be used to complete the purchase and installation of solar panels, power electronics, batteries and smart meters for the microutility, expanding energy provision to all merchants in Sabon Gari market.
“The Sabon Gari energy project is a perfect example of what we are looking to accomplish in Africa: deploying distributed solar energy solutions at scale to provide clean, reliable and competitive energy to customers. We are excited about this partnership with Rensource and look forward to replicating it in other markets,” said Pierre Devillard, CEO of NEoT Capital.
Launched in February 2018, Sabon Gari Energy is providing power to micro and small-and-medium enterprises at Sabon Gari Market in Kano, one of the biggest commercial centers in Nigeria’s second largest city.
Founded in 2015, Rensource, the developer and manager of Sabon Gari Energy, is rapidly transforming the status quo of energy provision in Nigeria. Rensource works with project sponsors to develop, finance, and manage decentralized energy projects that address the energy deficit in Africa’s most populous nation, providing reliable energy to consumer, small-business and industrial clients.
“NEoT’s investment is a critical validation of Rensource’s thesis that a decentralized model is the most sustainable and cost effective approach to solving Africa’s energy deficit. Not only does such a strategy tailor energy provision to end-users, it also reduces the strain on existing power infrastructure,” says Ademola Adesina, founder and CEO of Rensource.
This latest round of investment cements Rensource as the country’s market leader in decentralized energy provision and will serve as a springboard for rolling out more distributed energy projects to close Nigeria’s energy gap.
For Media Enquiries, Please Contact
Victoria Crandall
Director, Media Relations, Africa Expert Network
victoria@africaexpertnetwork.com
http://rensource.energy/
About Rensource
Rensource Energy is a fast growing provider distributed energy services. Rensource is using best-in-class technology, financial innovation, and a robust operational infrastructure to build Nigeria’s decentralized energy future.
About NEoT Capital
NEoT Capital is the world’s first investor specialized in distributed renewable energy and electric mobility services. The Paris-based investment firm enables and finances high growth opportunities in the rapidly changing energy market.
About Solad Power Holdings
SOLAD’s ambition is to hold multiple Energy Assets across numerous projects. With a strong focus on Mini Grid configurations, SOLAD is looking to bring collective and affordable power to Communities and Commerce Clusters. Under Private ownership, the foundation of our approach is to be the principal provider of energy supply, underpinned by Safety
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About Meridiam
Founded in 2005, Meridiam is an independent investment firm specializing in the development, financing, and management of long-term and sustainable public infrastructure projects. With offices in Paris, New York, Toronto, Luxembourg, Istanbul, Vienna, Addis Ababa and Dakar, Meridiam currently manages 6 billion euros of assets, and has more than 60 projects under development, construction, or in operation to date. www.meridiam.com
About EDF Group
A key player in energy transition, the EDF Group is an integrated electricity company, active in all areas of the business: generation, transmission, distribution, energy supply and trading, energy services. A global leader in low-carbon energies, the Group has developed a diversified generation mix based on nuclear power, hydropower, new renewable energies and thermal energy. The Group is involved in supplying energy and services to approximately 37.1 million customers, of which 26.2 million in France. The Group generated consolidated sales of €71 billion in 2016. EDF is listed on the Paris Stock Exchange. www.edf.com