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

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

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.”

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