Daystar Power is a company that has been known to provide hybrid solar power solutions to businesses in West Africa. They have recently put out an announcement about their involvement in a Series B investment of $38 million.
With the funds raised, the company is set to expand its operations in its key market areas of Nigeria and Ghana. It will also grow and improve its presence in other regional countries examples of which are Cote d’Ivoire, Senegal and Togo.
The company looks to improve its installed capacity to over 100 megawatts-enabling so as to be able to handle demand from its clients in different sectors such as manufacturing sector, agricultural sector, natural resources sector as well as in the financial services.
What You Should Know About The Funding
There are some things that you should know about the funding and we have itemized them below.
1. Taking into cognizance the former round by Verod Capital and Persistent Energy, Daystar Power has gotten equity investments amounting to $48 million.
2. The funding is being spearheaded by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI).
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3. IFU is also backed by new investors STOA, a French impact infrastructure fund, the French DFI, Proparco, Morgan Stanley Investment Management. There is also a guarantee from the European Union under the African Renewable Energy Scale-Up facility (ARE Scale-Up).
What They Are Saying
According to Jasper Graf Von Hardenberg, the CEO and Co-founder of Daystar Power, the fact that the company provides their commercial and Industrial clients with more affordable, reliable and cleaner power, has resulted in more than 50-fold increase in power-as-a-service revenue over the last two years.
He further stated that African businesses are now coming to the realization that solar power stand-alone or in tandem with a second source is quite a better energy alternative to the often unreliable grid or diesel generators which are quite expensive and pollute the environment.
In a statement by Thomas Hougard, Vice President sub-Saharan Africa, IFU, he made it clear that they believe that Daystar Power possesses the necessary elements to wit: engineering expertise, client base, technology, as well as executive leadership to scale off-grid solar across West Africa.
He equally added that Daystar Power being at the forefront of a growing market is indeed helping to improve and hasten the acceptance of renewable energy in some of Africa’s fastest growing cities.