Nigerian energy startup, Rensource secures $650,000 loan to power-up 4,000 shops

August 2, 2018 1:43 PM

Rensource will provide at least 4,000 shops with access to electricity.

Nigerian energy startup, Rensource, has secured a $650,000 loan to provide at least 4,000 shops with access to electricity.

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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.”

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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.