- Daystar Power has announced a Series B investment of $38 million.
- The round was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI).
- The IFU is joined by amongst others, Morgan Stanley Investment Management AIP Private Markets.
- Taking into account the previous round by Verod Capital and Persistent Energy, Daystar Power has received equity investments totaling $48 million. Read more
Daystar Power, a leading provider of hybrid solar power solutions to businesses in West Africa, will grow its operations in its key markets of Nigeria and Ghana, while deepening its presence in other regional countries such as Côte d’Ivoire, Senegal and Togo.
Daystar Power is on track to expand its installed capacity to over 100 megawatts, meeting demand from its clients in the financial services, manufacturing, agricultural and natural resources sectors. The company also said that it will continue to enhance its digital offerings and expand its local teams.
Related news: Daystar installs its 100th solar PV system in Nigeria
“By offering our commercial and industrial clients cheaper, reliable and cleaner power, we have seen a more than 50-fold increase in power-as-a-service revenue over the last two years,” said Jasper Graf von Hardenberg, CEO and Co-founder of Daystar Power. “African businesses are realizing that solar power — stand-alone or in tandem with a second power source — is a superior energy alternative to the often-unreliable grid or too expensive, polluting diesel generators.”
Pic: Daystar Power rooftop installation in Nigeria. Credit: Daystar Power
“We believe that Daystar Power has the right elements — the client base, technology, engineering expertise, and executive leadership — to scale off-grid solar across West Africa. Not only is Daystar Power at the forefront of a growing market, it is helping to accelerate the adoption of renewable energy in some of Africa’s fastest growing cities,” said Thomas Hougaard, Vice President Sub-Saharan Africa, IFU.
“Morgan Stanley Investment Management’s Climate Impact Solutions fund seeks to generate compelling returns with a focus on helping to solve critical climate issues. Our aim in partnering with the team at Daystar Power is to help deploy clean energy at commercial scale – creating a positive, long-lasting environmental, health and financial impact in West Africa,” said Vikram Raju, Head of Climate Impact, Morgan Stanley Investment Management AIP Private Markets.
Author: Bryan Groenendaal
