EDP Group To Spend $3 To Promote Solar Energy Expansion In Nigeria
- EDP plans to invest $3 million in Resource which manages and develops solar energy systems.
The EDP group plans to invest $3million in a company that manages and develops solar energy systems. This is in line with the company’s strategy for clean energy.
Rensource has been operating in Nigeria for the past 3 years. It specializes in managing and implementing solar energy systems. The company generates and distributes energy and related services in Nigeria’s communities. Rensource is already operating in 7 states in Nigeria. It focuses on micro-companies and small businesses. So far, it has over 200 employees.
The $3 million resulted from the EDPR financial initiatives and other international investors like Yuzura Honda, Sin capital, I &P, Prop Arco, Inspired Evolution Omidyar network and CRE ventures. The immediate objective is thus to expand and support the companies activities in Nigeria. They include availing sustainable low-cost green energy to disadvantaged communities.
The Rensource project will, therefore, develop a system that supports fair energy transition. It will also help to escalate the growth of local economies via access to clean and renewable energies.
Through this project, EDP will be moving forward its A2E program in which it will invest € 12 million in developing countries. The goal is to promote access to sustainable energy in the developing markets. According to Ademola Adesina the CEO and founder of the United States-based company, decentralizing the energy infrastructure is the option available to break out Nigeria’s inaccessibility to energy.
Rensource focuses on millions of small and medium scale businesses that drives and sustains the Nigerian economy. It plans to connect a half a million merchants in the next 5 years and thus it welcomes EDPR aboard the Rensource project.
