+44 (0)24 7671 8970
More publications     •     Advertise with us     •     Contact us
 
Loading...
{megaLeaderboard}
{normalLeaderboard}
News Article

Daystar Power receives 10 million US dollars for expansion of solar operations in West Africa

The African solar energy company, Daystar Power has closed a $10 million USD investment with Verod Capital Management and Persistent Energy Capital LLC and has lined up an additional $16 million in debt financing to accelerate its expansion across West Africa. The deal will allow Daystar Power to expand its offering of Solar Power Solution for Commercial and Industrial customers across the region.

Daystar Power is a leading West African solar energy company providing African companies and institutions, including banking, consumer goods, agriculture and manufacturing clients with complete power solutions using solar energy. The solutions provide Daystar Power’s corporate clients with a reliable source of energy, whilst significantly reducing their operating costs and minimizing the use of diesel generators to power their operations. Daystar Power was founded in Lagos in 2017 by Christian Wessels and Jasper Graf von Hardenberg and incubated by African venture builder, Sunray Ventures.

Since inception, Daystar has installed 1MW of off-grid solar energy solutions to Commercial and Industrial customers across Nigeria and Ghana. Daystar Power solutions deliver up to 25% of savings against current cost of energy and guarantees 99% uptime reliability to its clients while reducing carbon emissions from diesel generators.

Daystar Power provides Solar Power Systems ranging from 20 KWp and up to 5 MWp. Daystar provides clients with a monthly payment option that reduces capital outlay and thereby making it easier to switch to a cleaner energy solution. A key differentiator for Daystar Power is its focus on a high quality of service using only best-in class equipment with long-term warranties and a strong local technical support services team.

Christian Wessels, Founder and Executive Chairman at Daystar Power, says: “Daystar Power provides Solar Power Solutions to leading companies in Nigeria and West-Africa, including banking, consumer goods, agriculture and manufacturing clients. We save our customers regularly up to 25% of their energy costs, whilst providing them with a reliable source of energy at close to 100% uptime across all our installed systems.”

Jasper Graf von Hardenberg, Chief Executive Officer of Daystar Power, says:

“The additional capital raised by Daystar Power will accelerate our growth and help us satisfy the significant demand we see among West African corporates for solar power solutions that reduce both cost and carbon footprint. With Verod Capital Management, one of West Africa’s leading private equity investors and Persistent, a leading investor and venture builder in the off-grid sector, we have attracted two major investors which share our excitement for solar power for commercial and industrial customers in Africa."

Daniel Adeoye, Senior Investment Manager at Verod Capital Management, says:

"This deal is a landmark moment for the solar industry in West Africa and is a testament to Verod’s belief that the future of Africa’s energy supply is and must be renewable. The private sector can lead our transition to a low carbon economy. Daystar is pioneering the supply of low-cost hybrid solar power, and we look forward to helping to fulfill the company’s potential and driving swift growth and expansion."

Olu Verheijen, Partner at Persistent, says:

“The commercial and industrial segment presents a credible path to scale and profitability in the off-grid sector. Daystar’s solutions enable companies to redirect significant power cost savings into business growth while reducing their carbon footprint. We are very excited to partner with Daystar Power to unleash sustainable economic growth in Nigeria.”

Schletter Group: 48 MWp Project in Italy
ENCAVIS Acquires Two More Solar Parks In Spain and Surpasses The Planned Expansion
Maximum profitability with KACO advanced technology for complex solar roofs
Enviromena wins contract to re-power three major solar farms ahead of the summer energy peak
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
Next2Sun Builds World's Largest Vertical PV Plant at Frankfurt Airport
DNV Publishes Bankability Study of Solcast Satellite Irradiance Data
Steel company SSAB switches to fossil-free energy in Italy with PV solution from Solnet
janom Investments enters the Croatian solar energy industry by investing in a 30 MW power plant project
Trina Solar Vertex S+ 505W n-type dual-glass modules enter mass production
BayWa r.e. and 3E sign partnership agreement for monitoring & analytics of global PV portfolio
Accelerating Spain's Energy Transformation: LONGi to supply Naturgy with 1 million modules in new deal
NTR announces corporate PPA with Almac Group to buy energy from Murley Wind Farm, Northern Ireland
Oxford PV sets new solar panel efficiency world record
Order Intake for the Construction of Wind Turbines in Turkey
Trilantic Europe acquires stake in AEROCOMPACT Group
Octopus Energy makes solar farm debut in Germany
Austria-based KOGA Energy, a solar EPC solutions provider, has kicked off.
Exus to acquire 625MW New Mexico solar portfolio
Capcora Accompanies SUSI Partners In Raising Senior Debt For a Polish Renewables Portfolio
Qualitas Energy acquires a 96 MW wind energy project pipeline in Germany
Nordex Group receives orders from the UK for approx. 150 MW
Trina Solar gains EPD certification from UL Solutions and EPDItaly for industry leading modules
Mandarin Oriental Hyde Park, London instals innovative solar tech to decarbonise heating
Efficiency First: The Road to Electrification
SCHLETTER Supplies Austria's Largest PV Roof System
E.ON partners with UK renewable heat innovator Naked Energy
Sonnedix signs innovative EUR500 million loan facility to finance construction of its renewable electricity pipeline in Europe and UK
Construction begins on Glennmont and Ørsted’s Borkum Riffgrund 3 offshore wind farm in Germany
ABB shores up reliable power supply at Southeast Asia’s largest floating solar plant
Sonnedix starts construction of 300MW UK solar PV portfolio

×
Search the news archive

To close this popup you can press escape or click the close icon.
Logo
×
Logo
×
Register - Step 1

You may choose to subscribe to the Solar + Power Magazine, the Solar + Power Newsletter, or both. You may also request additional information if required, before submitting your application.


Please subscribe me to:

 

You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: