Nigeria’s Daystar Power Secures $20m IFC Loan to Complete its Projects
Daystar Power entered Africa’s energy ecosystem in 2017 with its off-grid power service provider. The company’s energy solutions include “Solar-as-a-Service” and “Power-as-a-Service” with the aim of providing clean and reliable power at affordable prices.
The company announced a Series B investment of US$38 million to help it deepen its presence in various West African markets in January, and coupled with a US$4 million financing for its Ghanaian subsidiary with DEG has now secured US$62 million in financing this year following the IFC deal.
In January, the company announced a US$38 million Series B funding to expandd its footprint in different West African countries, and the IFC transaction loan follows a US$4 million financing for its Ghanaian subsidiary with DEG, bringing its total funding this year to $62 million.
Daystar Power’s Nigerian affiliate will get a US$20 million loan from the IFC to develop in hybrid renewable energy systems. The investment is made up of a subordinated loan of $10 million from the Canada-IFC Renewable Energy Programme for Africa and a local currency loan of $10 million from IFC. Daystar is also collaborating with the IFC’s Energy2Equal initiative, which is financed by the Canadian government, to reduce gender disparities and promote women’s engagement in renewable energy, with an emphasis on leadership and technical positions.
“This facility is a major milestone for us. The funds will allow us to grow our installed capacity of solar projects and serve more Nigerian businesses in need of clean and affordable power. But we gain more than just capital. IFC brings a wealth of in-depth knowledge of renewable energy projects and project finance in emerging markets. We’re delighted to work with them,” said Jasper Graf von Hardenberg, chief executive officer (CEO) and co-founder of Daystar Power.
By 2024, Daystar Power intends to increase its installed solar power capacity to 140MW, expanding its client base in the financial services, manufacturing, and agricultural industries. In Nigeria, the business presently manages and operates 150 power plants.
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