Daystar Power announces $10 million investment for solar in Africa

Benjamin Franklin once mentioned, “An investment in knowledge pays the best interest.” Truly, the knowledge to invest in renewable energy in Africa is one that will definitely pay the best interest. The power-supply gap in Africa provides an investment margin opportunity that can be explored as a goldmine. To leapfrog to the targeted 40,000MW generation capacity by 2020, offers a significant investment landscape for diverse energy mix, loaded with incentives.

Now, Daystar power has announced a $10 million USD investment deal with Verod Capital Management and Persistent Energy Capital LLC, to extend its offering of solar power solution for commercial and industrial customers. Read the press release below:

The African solar energy company, Daystar Power has closed a $10 million USD investment with Verod Capital Management and Persistent Energy Capital LLC and has lined up an additional $16 million in debt financing to accelerate its expansion across West Africa. The deal will allow Daystar Power to expand its offering of Solar Power Solution for Commercial and Industrial customers across the region.

Daystar Power is a leading West African solar energy company providing African companies and institutions, including banking, consumer goods, agriculture and manufacturing clients with complete power solutions using solar energy. The solutions provide Daystar Power’s corporate clients with a reliable source of energy, whilst significantly reducing their operating costs and minimizing the use of diesel generators to power their operations. Daystar Power was founded in Lagos in 2017 by Christian Wessels and Jasper Graf von Hardenberg and incubated by African venture builder, Sunray Ventures.

Since inception, Daystar has installed 1MW of off-grid solar energy solutions to Commercial and Industrial customers across Nigeria and Ghana. Daystar Power solutions deliver up to 25% of savings against current cost of energy and guarantees 99% uptime reliability to its clients while reducing carbon emissions from diesel generators.

Daystar Power provides Solar Power Systems ranging from 20 KWp and up to 5 MWp. Daystar provides clients with a monthly payment option that reduces capital outlay and thereby making it easier to switch to a cleaner energy solution. A key differentiator for Daystar Power is its focus on a high quality of service using only best-in class equipment with long-term warranties and a strong local technical support services team.

About Olumide Durotoluwa 71 Articles
Olumide writes regularly on Greenergie, with interests in clean tech, business modelling, and analytics. Contact him directly via olumide@greenergie.com.ng

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