Jasper Graf von Hardenberg

Nigerian Solar Energy Firm Daystar Power Secures $20 Million Debt Financing From IFC

July 7, 2021

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.

*Jasper Graf von Hardenberg, CEO and Co-founder of Daystar Power.*

“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.

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.

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

Nigerian Off-grid Energy Startup Daystar Power Secures $38 Million To Expand In West Africa

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

Daystar Power Secures $38m Series Round for Regional Expansion in West Africa

January 16, 2021

Daystar Power, a Nigerian based provider of hybrid solar power solutions to businesses that has operations in Ghana, Togo and Senegal has announced a Series B investment of US$38 million to help it deepen its presence in various West African markets. Daystar Power which was founded three years ago as an off-grid power service provider whose solutions, “Solar-as-a-Service” and “Power-as-a-Service” provide clean and reliable power while significantly reducing clients’ overall power costs.

Jasper Graf von Hardenberg, chief executive officer (CEO) and co-founder of Daystar Power

Daystar which also has a representative office in Abidjan has 23 megawatts of installed power capacity and has offset approximately 5,000 MT of CO2 to date. This US$38 million Series B round, which takes Daystar’s total raised funding to US$48 million, was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI), and also features French impact infrastructure fund STOA, Frenc DFI Proparco, backed by a guarantee from the European Union under the African Renewable Energy Scale-Up facility, and Morgan Stanley Investment Management.

With the fundraising, Daystar Power will grow its operations in its key markets of Nigeria and Ghana, while deepening its presence in other regional countries. The company is on track to expand its installed capacity to over 100 megawatts, meeting demand from its clients in the financial services, manufacturing, agricultural and natural resources sectors. Daystar Power will continue to enhance its digital offerings and expand its local teams.

“By offering our commercial and industrial clients cheaper, reliable and cleaner power, we have seen a more than 50-fold increase in power-as-a-service revenue over the last two years,” said Jasper Graf von Hardenberg, chief executive officer (CEO) and co-founder of Daystar Power.

“African businesses are realising that solar power – stand-alone or in tandem with a second power source – is a superior energy alternative to the often-unreliable grid or too expensive, polluting diesel generators.”

Thomas Hougaard, vice president for Sub-Saharan Africa at IFU, said Daystar Power had the right elements – the client base, technology, engineering expertise, and executive leadership – to scale off-grid solar across West Africa. “Not only is Daystar Power at the forefront of a growing market, it is helping to accelerate the adoption of renewable energy in some of Africa’s fastest growing cities,” he said.

Kelechi Deca

Kelechi Deca has over two decades of media experience, he has traveled to over 77 countries reporting on multilateral development institutions, international business, trade, travels, culture, and diplomacy. He is also a petrol head with in-depth knowledge of automobiles and the auto industry

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Tag: Jasper Graf von Hardenberg

Nigerian Solar Energy Firm Daystar Power Secures $20 Million Debt Financing From IFC

A Look At What Daystar Power Does

Charles Rapulu Udoh

Daystar Power Secures $38m Series Round for Regional Expansion in West Africa

Kelechi Deca