{"id":368,"date":"2021-04-28T11:00:45","date_gmt":"2021-04-28T09:00:45","guid":{"rendered":"https:\/\/norfund.wpenginepowered.com\/annualreport-2020\/?page_id=368"},"modified":"2021-06-02T12:25:42","modified_gmt":"2021-06-02T10:25:42","slug":"arnergy-case","status":"publish","type":"page","link":"https:\/\/reports.norfund.no\/annualreport-2020\/responsible-investor\/gender\/arnergy-case\/","title":{"rendered":"Gender Equality in Arnergy Solar"},"content":{"rendered":"\n

As an active owner, Norfund continuously learns how we can best support our investees in promoting gender equality. Norfund therefore recently spoke to Mariam Melchior, Chief Finance Officer (CFO) at Arnergy Solar Ltd, one of our portfolio companies in renewable energy. <\/p>\n\n\n\n

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Arnergy and Norfund<\/h3>
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  • Arnergy Solar Ltd is a Nigerian-owned provider of solar systems (a start-up) that has built solar home systems for the residential and commercial sectors. <\/li>
  • In 2019, Norfund invested 2 million USD through the Project Development and Risk Mitigation Facility (PDRMF) to support Arnergy in a transition to focus on the SME segment across Nigeria.<\/li>
  • Norfund is providing the C-Suite with Business Support to co-fund management training in 2020 and 2021.<\/li><\/ul>\n<\/div><\/div>\n\n\n\n

    Mariam Melchior has been with Arnergy for just over a year. She has a background in the energy sector and started her career in a global oil trading company based in London. We spoke with her about the obstacles facing women wanting to work in the renewable energy sector and Norfund\u2019s role as investor.<\/p>\n\n\n\n

    Addressing Challenges<\/strong><\/h3>\n\n\n\n

    The energy sector is traditionally male dominated, which is true even in Norfund\u2019s clean energy portfolio. Despite this, Melchior believes that there is great potential for more diversity in the renewable energy sector, especially among young people. The key is being intentional. <\/p>\n\n\n\n

    When addressing how gender equality gaps can be overcome, Melchior highlights two important factors. The first is education, and importantly, equal access to education. However, even with equal access, there are challenges when entering the workforce – for example having a network. The second factor is female representation in a company, at all levels, together with mentorship from other women with a similar background. To overcome these obstacles, Melchior stresses the importance of buy-in at executive level, for example by using data and facts combined with passion for the sector and for change. Research shows that gender diversity brings both financial and non-financial value to a company.<\/p>\n\n\n\n

    ‘Identify a business gender champion \u2013 a person who is passionate about it and can take the lead.’ \u2013 Mariam Melchior<\/em><\/p><\/blockquote>\n\n\n\n

    Melchior also points to the fact that political decisions and the availability of childcare are vital to ensuring an environment in which equal opportunities can be achieved. <\/p>\n\n\n

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    Gender Equality in Arnegy<\/h3>\n\n\n