Daystar Power receives $20 million in funding to boost operations in West Africa
Daystar Power receives $20 million in funding to boost operations in West Africa
Today, Daystar Power, a Nigeria-based hybrid renewable energy provider, announced a $20 million investment from the International Finance Corporation (IFC), a World Bank Group subsidiary.
This comes on the heels of IFC's announcement in April 2021 that they were considering lending $20 million to Daystar Power.
The funding will be used in two ways to expand the company's renewable energy projects in Nigeria, where it currently operates 150 solar energy systems.
In addition, it will advance its mission to increase its current power capacity from 29 to 140 megawatts (MW) by 2024.
The loan's first half would be paid in local currency (4.2 billion) to Daybreak Power Solutions, the company's Nigerian subsidiary.
The remaining half would be an ancillary loan funded by the Canada-IFC Renewable Energy Program for Africa, which was established to stimulate private sector investment in the continent's energy sector.
Daystar Power currently provides solar energy solutions to businesses in the commercial, industrial, and agricultural sectors, claiming to save businesses 30% on energy costs.
After a certain amount is paid, clients are serviced via a hybrid model. This model combines solar energy generation and battery storage, and clients can integrate it with their existing energy infrastructure, such as the electrical grid or diesel/fuel generators.
In Conclusion
Daystar Power was founded in 2017 with the goal of lowering the cost of electricity and addressing the issue of epileptic power supply faced by businesses in Africa. Since then, the company has expanded its operations. It is currently present in Nigeria, Ghana, Senegal, and Togo.
Jasper Graf von Hardenberg, CEO and co-founder of Daystar Power, believes the funds will enable the company to expand its installed capacity of solar projects and serve more Nigerian businesses in need of clean, affordable energy.
This fund complements their previous $42 million investment. With a $38 million Series B funding round in January and a $4 million funding round for their Ghana expansion, the company's valuation will reach $62 million in 2021.
A secure energy supply is critical for nation-building. Inadequate electricity has long been a problem for startups and small businesses in Nigeria and throughout Africa, and funding for renewable energy companies will go a long way toward mitigating the problem's heinous economic consequences.
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