Rensource gets international recognition over solar power initiative

Rensource, a distributed energy firm headquartered in Lagos, has gained international recognition over its solar power initiative. The company was recognised at a panel session with the theme – “Need for renewable energy at scale” at the Bloomberg Business Forum held in New York City during which a documentary of the company was screened to the audience.

“It is a real story that helps us indicate that committing to a sustainable future can be achieved. It is a story about a young female entrepreneur who helped create a solar power startup initiative in Lagos,” Christine Lagarde, European Central Bank president-designate and former IMF chief, said while introducing the video documentary screening to the audience at the forum.

The energy company provides reliable, affordable essential services such as clean energy and other value-added services to consumers who previously had little or no access to such services.

“We build solar hybrid utilities that provide energy to businesses and everyday people so that they do not have to use generator,” Anu Adasolum, chief operating officer, Rensource, said.

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Rensource was incorporated in 2016 and commenced deployment of solar home systems to residential customers in the same year through a lease-to-own or outright purchase model.

According to Adasolum, the goal is to solve the country’s power problem, as “the entire country runs on millions of generator with so little power. We cannot effectively run our hospitals, factories and homes that way.”

In late 2016, Rensource launched its ‘Power-as-a-service’ business model that involved the provision of power to homes and small and medium-sized businesses in exchange for affordable monthly payments, with Rensource retaining ownership and responsibility for operations and maintenance of the solar systems. Through this model, Rensource has installed energy solar systems in over 300 locations in Nigeria.

In December 2017, the firm diversified to a ‘Powered-byRensource’ business model, which is a full-service platform for project development, operations and financial arrangement of off-grid micro utilities across Nigeria powering SMEs in commercial centres such as markets and industrial estates. “In just four years, we have powered about 10,000 SMEs,” she said.