About Solar Energy sector in Nigeria
The Solar Energy sector in Nigeria comprises 436 companies, including 19 funded companies having collectively raised $93M in venture capital money and private equity. Out of these, 5 are Series A+ funded.
Solar Energy sector in Nigeria has seen 1 acquisition and 2 IPOs.
This sector includes solutions and technologies helping in adoption and promotion of solar energy.
Solar Energy sector is also known as Solar Power.
Technology Developers (companies having a core focus on research and developing upcoming technologies), power generating companies on a utility and residential scale, companies manufacturing different components of solar including solar cells, solar panels, racking system, solar trackers, power electronics (like solar inverters). Includes solar service providing companies like offering solar installation, financing for solar projects and customer acquisition for solar companies. Also includes solar product manufacturing companies like solar chargers, solar wearables, solar cooker etc. Besides this, product marketplace, software providing and monitoring companies are also included in the feed. Energy auditing companies, advisory and consultancy companies and other related solar service providing companies are excluded. Also excludes solar energy technology research organization and research labs which carry out laboratory research. Also companies providing financing solutions and crowdfunding platforms for the solar projects are excluded.
Top Solar Energy Companies in Nigeria
There are 436 Solar Energy startups in Nigeria which include ARNERGY, Astrum Solar, EarthBond, Rensource Energy, Oando Clean Energy. Out of these, 19 startups are funded, with 5 having secured Series A+ funding.
Over the past 10 years, an average of 29 new companies have been launched annually. Notably, several of these startups have been founded by alumni of Duke University, Harvard Business School and Harvard University.
Here is the list of top Solar Energy startups in Nigeria
1. ARNERGY
ARNERGY is a provider of pay-as-you-go solar power solutions to commercial and residential clients. Offers three solar home systems packages and mini-grid solar solutions to provide electricity to rural Nigeria and South Africa.
Key facts about ARNERGY
- Founded Year: 2013
- Location: Lagos (Nigeria)
- Stage: Series B
- Total Funding till date: $30M
- Investors: All On, Breakthrough Energy and 5 Others
- Latest Funding Round: Series B, Apr 14, 2025, $*****
- Tracxn Score: 54/100 What is this?
- Competitors Rank: 1 of 280 Competitors
2. Astrum Solar
Key facts about Astrum Solar
- Founded Year: 2007
- Location: Maryland (Nigeria)
- Stage: Acquired
- Total Funding till date: $12.5M
- Investors: NewWorld, Constellation Ventures and 1 Other
- Latest Funding Round: Series A, Nov 19, 2013, $*****
- Tracxn Score: 52/100 What is this?
- Competitors Rank: 23 of 2,855 Competitors
3. EarthBond
Key facts about EarthBond
- Founded Year: 2022
- Location: Lagos (Nigeria)
- Stage: Seed
- Total Funding till date: $400K
- Investors: Catalyst Fund, Madica and 1 Other
- Latest Funding Round: Seed, Oct 22, 2024, $*****
- Tracxn Score: 46/100 What is this?
- Competitors Rank: 27 of 5,846 Competitors
Rensource has developed a membership and subscription-based solar power system. Once the user has shared their contact details, an engineer conducts a site study to determine the installation capacity and share the subscription details. Once the distributed power supply is installed, the user pays regular monthly membership charges, based on which a membership score is built that entitles the user to receive complimentary financial products and discounts. Additionally, since the system also houses a battery unit, the user can have access to unrestricted power even during blackouts or brownouts from the Utility service provider.
Key facts about Rensource Energy
- Founded Year: 2015
- Location: Lagos (Nigeria)
- Stage: Series A
- Total Funding till date: $23.5M
- Investors: Omidyar Network, CRE Venture Capital and 12 Others
- Latest Funding Round: Series A, Dec 18, 2019, $*****
- Tracxn Score: 45/100 What is this?
- Competitors Rank: 2 of 91 Competitors
Key facts about Oando Clean Energy
- Founded Year: 1956
- Location: Lagos (Nigeria)
- Stage: Unfunded
- Tracxn Score: 33/100 What is this?
- Competitors Rank: 1 of 143 Competitors
Companies founded year-on-year in the Solar Energy sector in Nigeria
67 Solar Energy startups in Nigeria were founded in 2019 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2025 | - |
2024 | 3 |
2023 | 27 |
2022 | 20 |
2021 | 22 |
2020 | 66 |
2019 | 67 |
2018 | 39 |
2017 | 25 |
2016 | 29 |
Stage-wise distribution of Solar Energy sector companies in Nigeria
Out of the total 436 Solar Energy companies in Nigeria, 19 have secured funding. Among them, 5 have reached Series A or higher, and 4 to Series B or beyond.
Founded - 436
Funded - 19
Series A+ - 5
Series B+ - 4
Series C+ - 3
Company Stage | No. of companies |
|---|---|
Founded | 436 |
Funded | 19 |
Series A+ | 5 |
Series B+ | 4 |
Series C+ | 3 |
Let us walk you through our Sectors and other offerings
Designed with precision for VCs, PE, IBs, Incubators, M&A, Innovation more
Designed with precision for VCs, PE, IBs, Incubators, M&A, Innovation more
Funding Trends in the Solar Energy sector in Nigeria
Total funding year-on-year in the Solar Energy sector in Nigeria
The Solar Energy sector in Nigeria saw a total funding of more than $90M in the last 10 years. The most amount of funding was in 2019 at more than $39M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $18M |
2024 | $3.42M |
2023 | $1.8M |
2022 | $2.08M |
2021 | $14.6M |
2020 | $10K |
2019 | $39M |
2018 | $3.5M |
Recent Funding Rounds in Solar Energy in Nigeria
In the year 2025, till April 2025, Solar Energy companies in Nigeria have raised $18M in equity funding across 1 round.
In the same period last year (i.e. till April 2024), Solar Energy companies in Nigeria had raised $3.22M across 3 rounds.
So, 2025 has seen a 459.01% rise in funding in Solar Energy companies in Nigeria as compared to 2024.
Here are some recent, important funding rounds in Solar Energy companies in Nigeria:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Series B | 9984 | Apr 14, 2025 | and 5 more | |
Seed | 6616 | Oct 22, 2024 | ||
Seed | 6984 | 2024 | ||
Series A | 1102 | Feb 15, 2024 | ||
Seed | 8951 | Feb 15, 2024 |
Top Investors in Solar Energy in Nigeria
Acumen is the top investor in Solar Energy companies in Nigeria based on number of companies invested.
Here are some top investors in Solar Energy companies in Nigeria:
Investor | Location | Top Portfolio Companies |
|---|---|---|
New York City (United States) | - | |
London (United Kingdom) | ||
London (United Kingdom) | - | |
Cologne (Germany) | - | |
Zurich (Switzerland) |
M&A activity in Solar Energy sector in Nigeria
In the year 2014, till July 2014, 1 acquisition happened in Solar Energy sector in Nigeria.
Here are some recent, important acquisitions in Solar Energy sector in Nigeria:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Jul 29, 2014 |
Colleges which produce the most Solar Energy companies in Nigeria
Companies founded by alumni from top colleges in the Solar Energy in Nigeria
Most number of Solar Energy startups in Nigeria have been founded by alumni from Duke University, Harvard Business School and Harvard University.
College | No. of companies |
|---|---|
Duke University | 1 |
Harvard Business School | 1 |
Harvard University | 1 |
Imperial College London | 1 |
University of Oxford | 1 |
University of Pennsylvania | 1 |
Wharton School | 1 |
Total funding in Solar Energy companies founded by alumni from top colleges in Nigeria
In the last 10 years, Duke University graduates' Solar Energy companies in Nigeria have raised the most funding among top colleges. Harvard Business School and Harvard University alumni are second.
College | Total Funding |
|---|---|
Duke University | $10.5M |
Harvard Business School | $400K |
Harvard University | $400K |
Imperial College London | - |
University of Oxford | - |
University of Pennsylvania | - |
Wharton School | - |
Top News in Solar Energy in Nigeria
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Astrum Mobile Selects SWISSto12 to Manufacture NEASTAR-1 Geostationary SatelliteMicrowave Journal•Mar 10, 2025•Astrum Solar, SWISSto12, Astrum Mobile
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Nigeria wants to launch 12,000 electric buses in Lagos Stateelectrive.com•Apr 27, 2023•Oando Clean Energy, Yutong Bus, Lagosstate
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Arnergy launches Diaspora Initiative; a home-based solar energy investment product for Nigerians abroadtechcityng.com•Nov 29, 2021•ARNERGY
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Utility and developer team up on minigrid pilot in NigeriaPower Engineering International•Jun 11, 2021•IBEDC, Nayo Tropical Technology
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Nigeria’s Rensource raises $20M to power African markets by solarTechCrunch+•Dec 18, 2019•Rensource Energy, CRE Venture Capital, Omidyar Network, Inspired Evolution and 7 others
