Starsight Premier Energy Finance (SPEF) is receiving a major boost as it secures a $20 million investment from the Netherlands Development Finance Company (FMO) and the Global Climate Partnership Fund (GCPF). The GCPF, an initiative launched by the German government in 2009 to combat climate change worldwide, aims to support projects like SPEF that contribute to environmental mitigation.

SPEF operates primarily in East Africa, with its headquarters located in Nairobi, Kenya. The company specializes in financing and installing solar power plants for commercial and industrial (C&I) customers in the region. These solar installations, which include ground-mounted and rooftop systems, are leased to businesses for a period ranging from 12 to 15 years. At the end of the lease period, the solar systems are sold back to the customers. This solar leasing model offers an attractive proposition for C&I customers, allowing them to reduce their electricity expenses significantly.

“Thanks to our financing models, our customers generally save 35–60% on their electricity costs compared with their local electricity supplier. We are honored to have received this investment from the GCPF and the FMO, which will help us to develop our photovoltaic C&I activities throughout the region,” says Rupesh Hindocha, Chairman and CEO of SPEF.

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This investment comes at a crucial time, as many African countries face challenges with escalating energy prices and power shortages. Solar power offers a viable solution to tackle these issues while simultaneously promoting sustainable practices. By adopting solar photovoltaic projects for commercial and industrial applications, businesses in the region can gain access to affordable and reliable energy, fostering economic growth and development while reducing CO2 emissions.

“Supporting solar photovoltaic projects for commercial and industrial applications will provide affordable and reliable access to energy for businesses in the region, stimulate economic development in East Africa, and reduce CO2 emissions,” explains Peter Page, Investment Officer at responsAbility, the manager of GCPF.

For the record, SPEG was created in 2021 following the acquisition of a 50% stake by Starsight Energy (which operates mainly in West Africa) in the East African activities of Premier Solar Group. This merger has strengthened SPEF’s position and capacity to provide solar energy solutions to businesses across the continent, thus contributing to a greener and more sustainable future for Africa.

Charles Rapulu Udoh

Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert. 
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard