Nigeria: Daystar obtains $4 million from SunFunder for off-grid supply to businesses
SunFunder has recently invested $4 million in the solar off-grid provider Daystar Power. The funds are intended to provide direct solar power to businesses in Nigeria.
Daystar Power has obtained new funds for the development of its projects in Nigeria. It is 4 million dollars invested in this solar off-grid provider by SunFunder. According to this financing company, which specialises in solar energy, this investment will enable Daystar Power to produce 3 MWp of electricity.
Daystar Power was founded by German solar specialists Christian Wessels and Jasper Graf von Hardenberg, in association with Africa Venture Builder, a company that invests in many economic sectors, including renewable energy. The company specialises in solar off-grids. These are mini solar power plants with battery storage systems. Daystar Power provides this solution to commercial and industrial companies.
“We are pleased to partner with SunFunder to fulfil our mission of bringing clean and affordable energy to businesses in West Africa to support their growth and environmental goals. SunFunder’s support allows the beginning of a new phase of accelerated growth for our company,” said Christian Wessels, President of Daystar Power.
SunFunder estimates that its investment will prevent the emission of 100,000 tons of carbon dioxide in Nigeria. Such pollution corresponds to that of companies that are currently forced to use diesel-powered generators for their electricity supply. This is due to the failure of the Nigerian power grid, which causes numerous load shedding incidents due to the loss of production.
Daystar Power is growing, taking advantage of a large market both in Nigeria and elsewhere in West Africa. To continue its expansion, the Lagos-based company has secured $10 million from Persistent Energy Capital LLC, a venture capital firm based in New York, USA, and Verod Capital Management, a Nigerian-based investment fund. The two partners acquired a stake in the company in March 2019.