Energy Transaction Brief: Arnergy Raises $18M in a Series B Round led by CardinalStone, with participation from BII

Transaction Summary

CardinalStone Capital Advisers (CCA) led an $18 million Series B equity investment in Arnergy Solar Limited (Arnergy), through its CardinalStone Capital Advisers Growth Fund (CCAGF). The investment saw participation from a new investor, British International Investment Plc. (BII). Return investors, Norfund AS (Norfund), Breakthrough Energy Ventures (BEV), EDFI Management Company SA (EDFI MC), through the Electrification Financing Initiative (ElectriFi), and All On Partnerships for Energy Access Limited by Guarantee (All On), participated in the raise, with All On contributing $3 million in February 2024. CCAGF targets high-potential SMEs in sectors such as consumer services, food and agriculture, health, and technology in Nigeria and Ghana. BII, a Limited Partner in the fund, now joins as a direct investor in Arnergy. Founded in 2013, Arnergy offers modular solar and energy storage solutions to businesses and households in Nigeria, enhancing access to reliable and sustainable electricity. The funding will enable Arnergy to install