We are excited to welcome renewable energy developer, Rensource Energy as the latest development partner of our innovative financing platform, Spark Energy Services, and the first based in West Africa.
Lagos-based Rensource specialises in the development and financing of hybrid energy solutions in Nigeria’s commercial and industrial (C&I) sector, where businesses typically rely on expensive and polluting diesel gensets to complement an unreliable grid supply.
Rensource's solar installation at Baze University, Abuja, Nigeria
The company started out in 2016, initially supplying solar home systems before devising a rooftop solar-hybrid mini-grid model to bring reliable power to Nigeria’s large urban markets. Building on its extensive experience, Rensource pivoted to focusing on the C&I sector in 2020 and has never looked back. The company’s biggest project to date is the installation of a 700kWp solar-powered PV plant at a poultry farm near Abuja, which remains one of the largest power purchase agreements for solar energy signed in Nigeria’s C&I sector.
Rensource’s services range from EPC to asset management, with the company employing a pricing mechanism that enables end-users to achieve 20–30% cost savings on their electricity bills. Through the partnership with Spark, Rensource will be able to expand its portfolio of projects financed under the PPA model.
Camco’s Adam Fitzwilliam, who heads up Spark, said: “Rensource’s mission to accelerate the clean energy transition in West Africa and support green growth is very closely aligned with our own. The opportunities in Nigeria are significant, with much of C&I demand currently being met through diesel generators, providing opportunities for deployment of clean energy to reduce costs, increase reliability and improve health outcomes locally.
“When the company approached us looking for additional funding to expand the business, we recognised the team’s experience and potential to deliver on its ambitious mission, and we are of course delighted to now be able to partner with Rensource as the latest of Spark’s development partners.”
Prince Ojeabulu, CEO of Rensource, said: “We are glad to partner with Spark in the bid to accelerate the productivity growth of C&I businesses in Africa through our clean, reliable, and affordable solar energy solutions. Our partnership with Spark also strengthens our commitment to provide a sustainable future for Africa”.
Rensource becomes Spark’s eighth fully accredited development partner, with four of the others based in Kenya, two in South Africa and one in Uganda.