Arnergy taps diaspora financing for solar projects

Solar distributed utility company Arnergy is pioneering a new initiative to harness diaspora financing for the acquisition of off-grid solar energy panels and storage systems in Nigeria. Femi Adeyemo, the Founder and CEO of Arnergy, recently sat down with CNBC Africa to discuss the innovative strategy the company is implementing to address the energy needs of Nigerian businesses and households. The diaspora solar energy solution launched by Arnergy aims to capitalize on the significant remittances sent back to Nigeria annually from Nigerians living abroad. Adeyemo highlighted that a substantial portion of these remittances goes towards powering businesses and homes in Nigeria, often through the use of costly diesel or petrol generators. Recognizing the need for sustainable energy solutions, Arnergy has tapped into this diaspora funding pool to enable Nigerians abroad to invest in solar energy systems in Nigeria, with a convenient payment plan spread over 36 months. Partnering with Flutterwave, Arnergy has facilitated seamless transactions for Nigerians in the diaspora, allowing them to monitor and control their investments through an IoT-based energy management system. The initiative aims to promote long-term sustainability by providing real-time energy consumption data and tailored energy advisory services to investors from across the globe. Adeyemo emphasized the importance of supporting the commitment to net zero emissions and decarbonization, aligning with global efforts to combat climate change. By offering affordable solar solutions with extended warranties and low barriers to entry, Arnergy's initiative serves as a viable alternative to diesel generators for businesses and residential homes in Nigeria. With a focus on local adoption and innovative financing models, Arnergy is driving the transition to renewable energy resources in Nigeria. The company offers lease-to-own options for residential users and an 'energy-as-a-service' model for businesses, allowing customers to access solar power systems without the upfront costs typically associated with traditional energy solutions. Through these strategies, Arnergy is paving the way for widespread adoption of renewable energy projects in Nigeria, fostering a sustainable energy ecosystem that aligns with national and global sustainability goals. As the country works towards achieving its net zero targets, Arnergy's diaspora financing initiative represents a significant step in advancing the transition to clean, affordable energy solutions in Nigeria.