Workers walk at a solar power station in Tongchuan, Shaanxi
Workers walk at a solar power station in Tongchuan, Shaanxi

WATCH: Nigeria solar company raises $20 million led by eBay founder

By Tope Alake Time of article published Dec 29, 2019

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INTERNATIONAL - A Nigerian solar-power company raised $20 million with the support of eBay founder Pierre Omidyar’s investment firm to power business clusters in Africa’s most populous country.

Rensource received equity financing from a group of investors including Omidyar Network and CRE Venture Capital that will enable it target as many as 20 urban markets within 18 months, Chief Executive Officer Ademola Adesina said in a phone interview from London.

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Video by: Chelsea Lotz, Business Report TV

The company will “blanket the rooftops of the markets with solar panels,” he said, adding that Rensource will also install voltage and battery systems and smart meters. “We are thinking of collaborating with distribution companies to address industrial and residential customers.”

Electric sun cells face the sun at a solar power of the Benban plant in Aswan. A Nigerian solar-power company raised $20 million with the support of eBay founder Pierre Omidyar’s investment firm to power business clusters in Africa’s most populous country.
The country of more than 200 million people is only able to send about a quarter of its total power capacity to homes and businesses due to its dilapidated infrastructure. Its transmission lines can theoretically carry only about 7,500 megawatts, according to the country’s electricity regulatory authority.

Rensource has already set up in seven market clusters across the country and is now looking to expand rapidly, according to Adesina.

FILE - In this July 11, 2019, file photo, an Ebay app is shown on a mobile phone in Miami.Rensource received equity financing from a group of investors including Omidyar Network and CRE Venture Capital that will enable it target as many as 20 urban markets within 18 months, Chief Executive Officer Ademola Adesina said in a phone interview from London. (AP Photo/Wilfredo Lee, File)
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