Nigerian renewable energy firm Winock Solar has been named Africa’s fastest-growing energy company, according to the 2025 Financial Times list of Africa’s Fastest-Growing Companies. The firm announced the milestone on Wednesday in a public statement, celebrating its strong performance and leadership in the clean energy sector.
Winock Solar ranked 15th overall in Africa, 6th in Nigeria, and 1st in the energy sector, making it the highest-ranked energy firm on the continent this year. The annual list, now in its fourth year, is compiled by the Financial Times in partnership with data firm Statista, and highlights companies that have achieved remarkable growth rates despite challenging economic conditions.
The ranking is based on compound annual growth rates (CAGR) in revenue between 2020 and 2023. During that period, Winock Solar reported a staggering 1,000% growth in both its revenue and customer base. The company attributed this success to its “focus on affordability, customer service, and product innovation.”
Speaking on the recognition, Mr Sanmi Lajuwomi, CEO of Winock Solar, said the company’s journey reflects resilience and commitment to a bigger vision. “This ranking is a testament to the resilience and vision that fuels everything we do at Winock,” Lajuwomi said. “Despite the economic setbacks following the COVID-19 pandemic, our mission to democratise energy access has remained unchanged. We are not just installing solar systems—we are lighting up futures, enabling businesses, and driving inclusive progress across Africa.”
The company also emphasized that its business model is a proof that solar energy can be both commercially viable and socially impactful. Over the past few years, Winock has become known for providing solar energy solutions to micro and small businesses in urban and peri-urban areas, helping many overcome the limitations of Nigeria’s unreliable electricity grid.
In 2024, Winock Solar secured a $1.6 million equity investment from Acumen Fund Inc. and All On Partnerships for Energy Access, two major players in the clean energy finance space. This investment enabled the company to scale its operations to new regions, including the Niger Delta, while also enhancing its after-sales support systems.
As millions of Nigerians continue to battle erratic grid supply and rising fuel costs, companies like Winock Solar are positioning solar energy as a practical and sustainable alternative. The firm has called on policymakers and investors to give more support to decentralised clean energy models, which it says are essential to achieving energy inclusion and long-term sustainability.
The Financial Times recognition comes at a time when Nigeria’s energy landscape is undergoing significant transformation. More businesses and households are turning to renewable energy solutions, creating opportunities for startups and investors in the space.
Winock Solar joins a growing list of Nigerian companies featured in the FT rankings, including Omniretail Inc., PalmPay Ltd, Remedial Health Inc., Termii Inc., Moniepoint Inc., Evercare Hospital Lekki Ltd., Neveah Ltd., and Alpha Morgan Capital Managers Ltd., among others. The presence of these firms underscores the strength and innovation of Nigeria’s entrepreneurial ecosystem, even in the face of macroeconomic difficulties.
With its continued focus on innovation, affordability, and impact, Winock Solar says it remains committed to expanding across Nigeria and other African markets, offering clean and affordable energy to underserved communities and businesses.
