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Rensource Energy raises €500,000 to solve Nigeria’s electricity problem

Nigeria’s Rensource Energy, has raised €500,000 to contribute to solving Nigeria’s problem with electricity by helping small and medium-sized enterprises to replace the heavy usage of fossil fuel-powered generators with solar systems

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Nigeria’s Rensource Energy, has raised €500,000 to contribute to solving Nigeria’s problem with electricity by helping small and medium-sized enterprises to replace the heavy usage of fossil fuel-powered generators with solar systems.

This loan from investors on Trine will provide at least 4,000 shops in Nigeria access to electricity. Founded in 2015 with over 1500 customers, Rensource’s aim is to make Nigeria the first country in the world to rely predominantly on distributed, renewables-based power generation.

In January this year, Rensource Energy raised $3.5 million in bridge financing to hire more personnel, expand operations into Kano and Abuja, and expand its its product base.The round was led by Mauritius Amaya Capital Partners with participation from Omidyar Network and South Africa’s CRE Venture Capital.

The firm previously raised a $1.1 million led by CRE Venture Capital and Sissili Limited and was also part of the XL-Africa acceleration program.

Read Also: Kenya’s $3bn show-piece railway project makes $100m loss in first year

In total, the firm has raised $5.5 million in external equity since 2016 from shareholders, such as Bamboo Capital and Amaya Capital who both have made significant investments in the renewable energy sector.

The power-as-a-service subscription based energy service uses solar-hybrid systems that gets installed at the customer, generating and storing electricity.

The firm works as power as a service on a subscription model where the customer pays a monthly fee and Rensource provides equipment, power and maintenance.

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COVID-19: Friendship renewed as Algeria opens land border with Tunisia

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Algerian President, Abdelmadjid Tebboune has announced that it will reopen the land border between the two countries in mid-July.

The border, which starts in the north at the Mediterranean coast, proceeding overland in a broadly southwards directions via a series of overland lines was closed in 2020 during the peak of Covid-19.

Abdelmadjid Tebboune made the announcement at Algiers airport alongside his Tunisian counterpart Kais Saied who was preparing to leave the country after attending the festivities marking the 60th anniversary of Algeria’s independence.

“We have taken a joint decision to reopen the land borders from July 15.”

Until the pandemic, more than three million Algerians travelled to Tunisia each year, according to local media.

Generally speaking, relations between Algeria and Tunisia have so far been homogenous. Although Algeria postponed the opening of it borders with Tunisia in May.

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The Gambia benefits from World Bank’s $68m grant to revive tourism industry

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The Gambia and the World Bank have sealed a $68m grant deal which will go to support the West African country’s tourism industry, hitherto the biggest contributor to its Gross Domestic Product (GDP), before the Coronavirus pandemic hit the global tourism sector, causing a near economic meltdown.

World Bank’s Managing Director of Operations, Axel Van Trotsenburg, who announced the signing of the deal at a ceremony in Gambia’s capital, Banjul, on Tuesday, said the grant is meant to support the diversification and climate resilience of the country’s tourism after the pandemic and economic crisis.

Trotsenburg added that promoting the diversification and climate resilience of tourism will help protect the Atlantic coastline of The Gambia from the effects of climate change.

About 20 per cent of The Gambian economy depends on earnings from its tourism as it is the largest foreign exchange earner for the government but the advent of the pandemic had caused the country’s economic growth to contract by 0.2 percent in 2020, according to the World Bank.

This was as a result of the global restrictions on travelling between 2020 and 2021, which prevented tourists and visitors going to the country, leading to the tourism industry taking a huge hit.

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