Rensource Energy raised US$3 million from Proparco. Rensource Energy aims to develop, build and operate over 100 minigrids with power capacity of over 35MW for affordable electricity to 250,000 small and medium enterprises. Rensource offers a turnkey business opportunity throughout Nigeria and West Africa to sell Power-as-a-Service (“PaaS”). Rensource generates electricity using installed small solar-hybrid systems.

Proparco is a subsidiary of Agence Française de Développement (AFD) focused on private sector development. It has been promoting sustainable economic, social and environmental development practices for the past 40 years. Proparco provides funding to institutions across Africa, Asia, Latin America and the Middle-East in renenewable energy, agribusiness, financial institutions, healthcare and education.