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SunFunder makes first investment in Nigeria with Daystar Power

Nigeria has the largest potential for C&I solar in Africa. (Image source: Daystar Power)

SunFunder, a solar finance company providing debt capital to solar enterprises in emerging markets, has announced its first disbursement in Nigeria, part of a facility of up to US$4mn with commercial and industrial solar developer Daystar Power

Daystar Power specialises in providing solar power and energy efficiency solutions for businesses in the commercial, industrial and agricultural sectors that result in a significant reduction of power costs, diesel consumption and pollution.

SunFunder’s investment in up to three MWp of C&I projects for clients including top tier financial institutions and other small and medium-sized enterprises will mitigate 102,410 tonnes of CO2 emissions annually.

The initiative is in line with Daystar Power’s mission to provide an African sustainable energy solution that results in a minimum 20 per cent reduction in energy costs and 50 per cent reduction in diesel consumption for end users.

According to a recent study by Bloomberg New Energy Finance, Nigeria has the largest potential for C&I solar in Africa because of the scale of the opportunity for diesel replacement. Daystar Power focuses on providing end-users with increased reliability as well as lower energy costs through solar and storage systems.

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