Daystar installs 532kWp solar system at Nexans’ Tema factory, supplying 55% of daytime electricity. (Image source: Daystar Power)

Daystar Power has successfully completed the commissioning of a 532kWp grid-tied solar energy system at Nexans’ factory in Tema, Ghana. Nexans is a renowned global provider of cable systems and energy solutions

The project features 918 photovoltaic (PV) panels in a fully ground-mounted layout—the first of its kind installed by Daystar Power in Ghana. This solar array is projected to generate 47.7 MWh annually, supplying up to 55% of the factory’s daytime electricity needs. Equipped with an ENcombi controller, the system efficiently synchronises with both the national grid and on-site generators, ensuring 99.9% uptime and enabling proactive maintenance.

“Companies in Ghana face the pressing need to decarbonise their operations. Nexans is a great example of how companies can adopt solar energy to meet their carbon emissions targets and drive energy cost savings,” said Victor Ezenwoko, Ghana country head of Daystar Power. “We couldn’t be prouder to have our first ground-mounted system in Ghana located in the country’s leading manufacturing hub.”

Nexans' new solar power system is a key component of its broader sustainability strategy to lower emissions and reduce reliance on conventional power sources at its Ghanaian facility.

“At Nexans Kabelmetal, we are committed to integrating sustainable energy solutions into our operations, and this new solar system is a significant step towards achieving our environmental goals. Our partnership with Daystar Power exemplifies our dedication to innovation and sustainability as we work towards our goal of net-zero emissions by 2050,” said Alexander Quarcoopome, CEO of Nexans Kabelmetal.

Small home solar kits are transforming energy access across Africa (Image credit: Adobe Stock)

Off-grid solar provider Sun King has secured an US$80mn fully Naira-denominated loan to scale energy access in Nigeria

The financing, in partnership with IFC and Stanbic IBTC Bank, will enable more households and small businesses to adopt clean, reliable solar power without prohibitive upfront costs.

“Off-grid solar provides the fastest and most scalable pathway to universal electrification across Africa,” said Anish Thakkar, Sun King’s co-founder.

“This investment exemplifies the kind of bold, all-hands-on-deck approach required to deliver reliable, affordable energy to millions at the pace Mission 300 calls for. With structured financing tailored to local needs, we can dismantle affordability barriers and scale up the proven impact of off-grid solar solutions.”

By combining public and private capital, the funding allows Sun King to extend local currency loans through its pay-as-you-go model while mitigating foreign exchange risks.

This enables customers to pay in small instalments, which improves affordability and capital efficiency, particularly for low-income and rural consumers.

Sun King designs, distributes and finances solar systems across over 40 countries.

With a network of more than 29,500 agents across Africa, it has already sold over 27 million solar products, from home systems that offer multi-room lighting and phone charging to more powerful rooftop systems.

Via flexible pay-as-you-go payment options, customers repay the cost of the solar systems over 12 to 24 months through daily, weekly, or monthly instalments.

Customers can pay as little as US$0.21 a day via mobile money or cash, a model that lowers the financial barrier to energy and broadens access among underserved communities.

To date, Sun King has extended US$1.2bn in loans to its customers across Africa.

The new loan facility will support Sun King's expansion in Nigeria, especially in hard-to-reach communities.

Currently, nearly 40% of the population still lack access to electricity, though demand for affordable solar solutions is advancing rapidly.

“Millions of Nigerians still live without reliable access to electricity, which limits opportunity and undermines resilience,” said Dahlia Khalifa, IFC regional director for Central Africa and Anglophone West Africa. “This investment enables scalable local-currency solutions that empower households and businesses with clean, affordable solar power.”

The investment aligns with Nigeria’s Country Partnership Framework with the World Bank Group and contributes to Mission 300, a joint initiative with the African Development Bank launched in 2025 to expand electricity access across Africa.

Oladele Sotubo of Stanbic Bank IBTC Capital Ltd said the move will empower millions of Nigerians with access to clean, reliable and affordable solar energy who would otherwise struggle to access power.

“By enabling households and small businesses to access solar power through flexible financing options, we are helping to build a more inclusive and sustainable future for Nigeria.”

Read more: 

Renewable energy expansion drives Nigeria's power future

African Development Bank funds Sokode solar project

Empower Afrigreen drive solar transition across Nigeria

Electric cars to make up over 40% of global market by 2030

Electric vehicles (EVs) are poised to represent more than 40% of global car sales by 2030 as prices continue to fall and adoption expands across markets, according to the International Energy Agency’s latest Global EV Outlook

The report highlights that, despite economic uncertainties, EV sales have maintained strong momentum worldwide, surpassing key milestones and reshaping the automotive industry.

Global electric car sales are on course to exceed 20 million in 2025, accounting for more than a quarter of all cars sold. In 2024, EV sales reached over 17 million, pushing their global market share above 20% for the first time, as previously forecasted by the IEA. In the first quarter of 2025 alone, sales rose 35% year-on-year, with major and emerging markets recording record-breaking performances.

China remains the global leader, with electric cars comprising nearly half of all new car sales in 2024. The country sold more than 11 million electric cars, equal to the worldwide total in 2022. Other fast-growing markets include Asia and Latin America, where sales surged over 60% in 2024.

In the United States, EV sales rose by around 10%, with battery-powered models making up over one in ten new cars. Meanwhile, Europe’s growth plateaued due to the phaseout of subsidies and support schemes, although the region’s EV market share remained stable at around 20%.

Affordability is key

“Our data shows that, despite significant uncertainties, electric cars remain on a strong growth trajectory globally. Sales continue to set new records, with major implications for the international auto industry,” said IEA executive director Fatih Birol. “This year, we expect more than one in four cars sold worldwide to be electric, with growth accelerating in many emerging economies. By the end of this decade, it is set to be more than two in five cars as EVs become increasingly affordable.”

According to the report, affordability remains a key driver of adoption. The global average price of a battery electric vehicle (BEV) declined in 2024 due to increased competition and falling battery costs. In China, two-thirds of EVs sold were cheaper than their petrol or diesel counterparts, even without subsidies. However, the price gap persists elsewhere, BEVs were on average 20% more expensive than conventional vehicles in Germany and 30% higher in the United States.

Operating costs, however, continue to favour EVs. Even if oil prices dropped to US$40 per barrel, charging an electric car at home in Europe would still cost about half as much as fuelling a petrol or diesel car, based on current energy prices.

The report notes that nearly one-fifth of electric cars sold globally are imported, with China exporting around 1.25 million units in 2024, many to emerging markets where these imports have driven down retail prices.

A special section of the report focuses on electric trucks, which saw global sales rise by 80% last year, reaching nearly 2% of total truck sales. This growth was led by China, where cost-competitive heavy-duty electric trucks are gaining traction thanks to lower lifetime operating costs, despite higher upfront prices.

Agreement supports solar PV, grid upgrades, and commercial energy access in Nigeria

Konexa, a UK-based energy developer and investor, along with Climate Fund Managers (CFM), a climate-focused investment manager, and Norfund, the Norwegian development finance institution, have entered into a Development Funding Agreement (DFA) to support the expansion of Konexa's renewable energy projects in Nigeria

The partnership will fund the creation of a solar photovoltaic (PV) plant and the enhancement of grid infrastructure to connect two Nigerian Breweries Plc (NBPlc) locations in Lagos and Enugu State to renewable energy.

This initiative will also facilitate the further rollout of Konexa's private renewable energy trading platform, which will benefit a broader base of commercial and industrial (C&I) clients while improving the distribution grids around their sites to provide power to wider communities. Once fully operational, the project is projected to reduce CO₂ emissions by around 30,000 tonnes annually, create 100 construction jobs, and provide 35 permanent employment opportunities.

The partners will collectively invest US$3.6mn, with CFM’s EU-supported Climate Investor One (CIO) financing 50%, while Norfund and Konexa will each contribute 25%. This initial investment is anticipated to unlock an additional US$80mn in investments for construction when financial closure occurs in the second half of 2025.

Scaling renewable energy process

Nigeria's energy sector has long faced a shortage of investment in renewable energy generation and grid infrastructure. As a result, many businesses rely on costly and polluting diesel and gas generators. In line with the government's Vision 30:30:30, which aims to have renewable energy comprise 30% of total electricity generation by 2030, this project represents a significant step toward improving Nigeria’s energy landscape.

Darron Johnson, regional head of Africa at Climate Fund Managers, stated, "This agreement is a key milestone in scaling the renewable energy platform we’ve established with Konexa. The EU’s initial backing helped mobilise private capital for the first project phase, and we expect Norfund’s catalytic funding to play a similar role in the upcoming stages. It showcases how blended finance can have large-scale impact in emerging markets like Nigeria, where reliable electricity access is still a major challenge."

Birgit Edlefsen, senior vice-president for renewable energy at Norfund, commented, "This partnership highlights Norfund’s commitment to scaling renewable energy infrastructure in Nigeria, contributing to sustainable, social, and economic progress. We view Konexa’s model as both innovative and impactful in addressing Nigeria’s sector challenges. We’re excited to collaborate with Konexa and CFM."

Pradeep Pursnani, CEO of Konexa, remarked, "We are thankful for CFM’s continued support and excited to welcome Norfund to our partnership. This agreement represents years of effort in building a scalable and bankable renewable energy model for Nigeria, with potential to replicate across Sub-Saharan Africa. With this funding, Konexa has now secured over US$100mn to scale our efforts and bring reliable, affordable power to the commercial sector, helping decarbonize and showcasing how the private sector can address Nigeria’s power challenges."

The project builds on an earlier US$18mn investment announced in March 2024, which was co-funded by CFM, the EU, and Microsoft’s Climate Innovation Fund. This phase initiated Konexa's renewable energy trading platform and supplied renewable energy to two NBPlc sites in Kaduna State. The upcoming phase will enhance grid and storage systems to fully support power delivery to these sites under the existing Power Purchase Agreement.