ADVERTISEMENT
Nigerian energy startup, Rensource secures $650,000 loan to power-up 4,000 shops
Rensource will provide at least 4,000 shops with access to electricity.
ADVERTISEMENT
Recommended articles
Trine Financial Limited, an off-grid solar energy financing platform provided the loan and it is their first loan to a Nigerian company.
In a statement on its website, Trine said, “Our very first loan to a Nigerian company, Rensource, will contribute to solving Nigeria’s problem with electricity.
“Rensource target small and medium-sized enterprises to replace the heavy usage of fossil fuel-powered generators with solar systems. This loan will provide at least 4,000 shops in Nigeria access to electricity.”
ADVERTISEMENT
In January 2018, Rensource also secured an external investment to the tune of $650,000, away from the $3.5 million it secured in 2016, in a bridge financing to expand the business.
Rensource was founded with the mission to deliver affordable solar systems to households and businesses in Nigeria in order to replace the heavy usage of generators.
FOLLOW BUSINESS INSIDER AFRICA
ADVERTISEMENT
Recommended articles
Changes in the net worth of Africa's 10 richest men since January
France to back Morocco's power link to Western Sahara
Kenya’s Ruto backs Zimbabwe’s ZiG currency for economic prosperity
Here’s another reason Nigeria is losing billions of dollars annually
Top 10 African countries with the lowest fuel prices in April 2024
How SafeHamsters unlocks the potential of crypto betting| Insider Tips
A look into the diverse tax reforms being implemented across Africa
Dubai firm to lend South Sudan $12.9 billion in exchange for 20 years oil repayment
