Daystar Power, a leading provider of hybrid solar power solutions to businesses in West Africa, announced today the successful completion of a $20 million loan from the International Finance Corporation (IFC). Daystar Power has raised $62 million in funding this year, following a $38 million series-B investment in January and a $4 million financing for its Ghanaian subsidiary with DEG.
“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, CEO and Co-founder of Daystar Power.
The loan will be used to invest in hybrid renewable energy systems by Daystar Power’s Nigerian subsidiary. The financing consists of a $10 million subordinated loan from the Canada-IFC Renewable Energy Program for Africa and a $10 million IFC local currency loan. Daystar is also collaborating with the IFC’s Energy2Equal program, which is supported by the Canadian government, to address gender disparities and enhance women’s engagement in renewable energy, with a focus on leadership and technical positions.
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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 firm now manages and operates 150 power plants.
A Look At What Daystar Power Does
Founded in 2017 by the African venture builder Sunray Ventures, Daystar Power specialises in providing solar power and energy efficiency solutions for businesses in the commercial, industrial, and agricultural sectors that result in significant reduction of power costs, diesel consumption and pollution.
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Daystar Power counts the West African region’s leading industrial and commercial companies among its client base and is active in Nigeria, Ghana, Togo and Senegal with a representative office in Cote d’Ivoire.
Daystar Power IFC Daystar Power IFC
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer