Odyssey Energy Solutions has raised $74 million in new equity and debt financing as the renewable-energy platform expands its financing and procurement operations across emerging markets, including Nigeria.
The funding comprises a $27 million equity round and $47 million in debt. New equity investors include Broadscale Group, FMO and Morocco’s Al Mada Ventures, while British International Investment, BIO, the Facility for Energy Inclusion and the Energy Entrepreneurs Growth Fund participated on the debt side.
Odyssey operates a Nigerian subsidiary in Lagos and provides financing, procurement and operational technology for distributed renewable-energy projects. Its platform connects more than 6,000 solar installers and engineering, procurement and construction companies across more than 50 countries, with the company saying it has facilitated access to $3.6 billion in capital and unlocked 1.5 gigawatts of projects.
The fresh capital is significant for Nigeria’s distributed-energy market, where solar developers and installers often face working-capital constraints before projects begin generating revenue. Odyssey’s model combines equipment procurement with supply-chain credit, allowing smaller energy companies to finance equipment and deploy projects more quickly.
The funding also arrives as the economics of distributed solar become more attractive in Nigeria. Odyssey said diesel prices in the country rose sharply earlier this year, strengthening the commercial case for solar and battery-storage alternatives.
Investors will watch whether the new capital translates into greater financing for Nigerian solar projects, increased deployment of distributed generation and stronger participation from international development-finance institutions in the country’s energy transition.
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