• Monday, April 22, 2024
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Rensource wins FT/IFC Transformational Business Awards

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In recognition of its work in proffering solutions to Nigeria’s power problem, renewable energy firm, Rensource Distribution Energy Limited has won Excellence in Climate Solutions award at the Transformational Business Award in London.

The awards which attracted a broad range of stakeholders pinpoint the crucial role of private sector initiatives and capital in efforts to attain the United Nations Sustainable Development Goals (SDGs), a blueprint set out by the UN to achieve a more sustainable future and address climate change.

According to Rensource’s head of corporate communication Adedoyin Adelakun, Rensource Distributed Energy Limited won the ‘Excellence in Climate Solutions’ award and was given special mention for its work in the ‘Transformational Solutions in Urban Infrastructure and the Climate Solutions.

“Rensource was recognized for its work in reversing the trend of power shortages in Nigeria which keeps hurting businesses and households, by delivering low-cost, fixed-price energy to urban SMEs and households with solar-hybrid mini-grids,’’ Adelakun said in a statement to BusinessDay.

The Transformational Business Awards is an impact-driven award set up by the International Finance Corporation (IFC) which is an arm of the World Bank Group and The Financial Times (FT) newspaper.

Despite big investments, Nigeria lags far behind other developing nations in terms of grid-based power.

The founder of Lagos-based start-up Rensource, Ademola Adesina is pioneering an approach to solar design to help Nigeria leap from being laggard to leader in the global renewables revolution.

Rensource was founded with the mission to deliver affordable solar systems to households, businesses and commercial hubs in Nigeria in order to replace the heavy usage of generators.

Since it was founded in 2015, Rensource has managed well over 6000 connected customers thanks to the introduction of a tiered subscription-based business model which allows customers to save a lot of money by switching to solar.