Rensource Energy closes on US$15 million facility with Afrigreen Debt Impact Fund

  • Rensource Energy has announced the closing of a $15 Million facility with Afrigreen Debt Impact Fund SLP (”Afrigreen”).
  • The debt finance provided by Afrigreen will be a mix of US dollars and Naira financing to fund the construction of over 30MW of Rensource C&I portfolio in the next 3 years.

Since inception, Rensource has developed and constructed a combination of about 10MWp of solar PV and 3MWh of storage capacity. Currently, Rensource has a C&I portfolio of over 17MW under construction and 120 MW in its pipeline; cutting across East & West Africa. Its customers range from the agriculture, healthcare, education, real estate, and manufacturing sectors in Africa. With the fundraising, the Lagos-based C&I solar company will be able to provide more affordable, reliable, and clean solar solutions to commercial and industrial clients in key markets across Africa, significantly reducing carbon footprints.

In a comment by Rensource’s CEO, Prince Ojeabulu. He stated: “Rensource since its inception has waxed strong which no doubt can be attributed to its strategic partnerships, Afrigreen being one of them. We are glad to have closed a $15 million fundraise with Afrigreen which will contribute greatly to the development of the commercial and industrial sector in Africa and enable us to achieve our goal of a total installed capacity of 150MWp by 2025.”

Author: Bryan Groenendaal

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