Daystar Power, African solar energy company, has signed a US$10mn investment deal with Verod Capital Management and Persistent Energy Capital LLC, aiming to provide solar power solution for commercial and industrial customers across West Africa
In addition, Daystar Power has lined up an additional US$16mn in debt financing to accelerate its expansion across the region.
Since inception, Daystar has installed one megawatt of off-grid solar energy solutions to commercial and industrial customers across Nigeria and Ghana.
Daystar Power provides solar power systems ranging from 20 KWp and up to five MWp.
Olu Verheijen, partner at Persistent, noted, “The commercial and industrial segment presents a credible path to scale and profitability in the off-grid sector.”
Daystar’s solutions aim to enable companies to redirect significant power cost savings into business growth while reducing their carbon footprint. Christian Wessels, founder and executive chairman at Daystar Power, said that Daystar Power aims to save the customers regularly up to 25 per cent of their energy costs, whilst providing them with a reliable source of energy at close to 100 per cent uptime across all the installed systems.
Jasper Graf von Hardenberg, CEO of Daystar Power, commented that the new deal is set to fulfil the demand among West African corporates for solar power solutions, reducing both cost and carbon footprint.
