In recent months, Africa has witnessed several fundraising efforts by renewable energy investment platforms catering to the commercial and industrial sectors. Latest to join the list is Rensource Energy, a solar energy provider in Africa, which has announced the successful conclusion of a $15 million agreement with Afrigreen Debt Impact Fund SLP.
The debt financing provided by Afrigreen will consist of a combination of US dollars and Naira, aimed at funding the construction of over 30 MW of solar projects within Rensource’s commercial and industrial client portfolio over the next three years.
“Since its establishment, Rensource has continuously strengthened its position, a feat that can undoubtedly be attributed to strategic partnerships such as the one with Afrigreen. We are pleased to have secured a $15 million fundraising round with Afrigreen, a significant contribution to the development of Africa’s commercial and industrial sectors,” stated Prince Ojeabulu, CEO of Rensource.
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Indeed, since its inception, Rensource has successfully developed and constructed approximately 10 MWp of solar energy capacity and 3 MWh of storage capacity. Currently, the company boasts a construction pipeline of over 17 MW and an additional 120 MW in development, spread across East and West Africa.
Rensource Africa
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard