Key Highlights:
Our systems allow businesses to achieve their sustainability goals and avoid carbon emissions.
Our pipeline of projects grew by 150% in 2022.
We have experienced skyrocketing demand from small business enterprises and large corporate organizations who are seeing cost savings when they compare solar to diesel power.
What services do you offer in the African region?
Rensource is a commercial and industrial solar power provider that designs, installs, and manages solar solutions for businesses that give them predictable rates for power. This prevents worrying about external shocks to fuel prices, like the War in Ukraine and inflation, for example. This allows businesses to manage their expenses, plan for expansion, and, importantly, hire more Nigerians. Our systems allow businesses to achieve their sustainability goals and avoid carbon emissions.
How has the year 2022 been for Rensource Energy?
This year was a tremendous growth year for Rensource. We saw a 30% to 40% growth quarter-on-quarter. One driver of this has been the increase in diesel costs, which has directly impacted the demand for solar services like those we provide. The cost of generating diesel-powered electricity has almost tripled this year. We have experienced skyrocketing demand from small business enterprises and large corporate organizations who are seeing cost savings when they compare solar to diesel power. Our pipeline of projects grew by 150% in 2022.
We expect this growth to continue despite economic disruptions because, at the end of the day, businesses need to keep operating, and reliable, affordable power is key to that. The fact that we provide reliable and affordable sustainable power is even better.
Rensource stands out for its engineering and design expertise– we can deliver a solar solution for even the largest C&I business. Our installations are flexible, efficient and use top-of-the-line technology. We also have the ability to fund our installations entirely which means we deliver our projects with a short turnaround.
What makes your services unique and outstanding?
Rensource stands out for its engineering and design expertise– we can deliver a solar solution for even the largest C&I business. Our installations are flexible, efficient and use top-of-the-line technology. We also have the ability to fund our installations entirely which means we deliver our projects with a short turnaround.
How will the African solar market growth in the next five years? What is your market outlook?
The C&I sector will move the needle on energy access. C&I represents only 8% of the total installed capacity in Africa, but it represented 19% of the newly installed capacity in 2021. The numbers on investment flows into African energy do not lie: $40 billion was invested in African energy even during the 2020 pandemic. At scale and with a focus on commercial and industrial sectors, clean energy can power Africa’s industrialization. This is cause for great optimism. The signs of a coming recession are concerning, but the C&I solar sector, particularly, should prove to be resilient, given its fundamental role in powering businesses. Businesses need the reliability and savings that come with a solar installation, which is even more relevant in slowing economic growth and high fuel prices.
What are your growth and expansion plans for 2023?
Our focus is complete construction and installation on 8MW of projects and continues to expand our project pipeline, which currently sits at 70W.
