Daystar Power raises US$10million for West Africa expansion

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The African solar energy company, Daystar Power has closed a $10 million USD investment with Verod Capital Management and Persistent Energy Capital LLC and has lined up an additional $16 million in debt financing to accelerate its expansion across West Africa. The deal will allow Daystar Power to expand its offering of Solar Power Solution for Commercial and Industrial customers across the region.

Daystar Power is a leading West African solar energy company providing African companies and institutions, including banking, consumer goods, agriculture and manufacturing clients with complete power solutions using solar energy. The solutions provide Daystar Power’s corporate clients with a reliable source of energy, whilst significantly reducing their operating costs and minimizing the use of diesel generators to power their operations.

Daystar Power was founded in Lagos in 2017 by Christian Wessels and Jasper Graf
von Hardenberg and incubated by African venture builder, Sunray Ventures. Since inception, Daystar has installed 1MW of off-grid solar energy solutions to Commercial and Industrial customers across Nigeria and Ghana. Daystar Power solutions deliver up to 25% of savings against current cost of energy and guarantees 99% uptime reliability to its clients while reducing carbon emissions from diesel generators.

Daystar Power provides Solar Power Systems ranging from 20 KWp and up to 5 MWp. Daystar provides clients with a monthly payment option that reduces capital outlay and
thereby making it easier to switch to a cleaner energy solution. A key differentiator for Daystar Power is its focus on a high quality of service using only best-in class equipment with long-term warranties and a strong local technical support services team.

Christian Wessels, Founder and Executive Chairman at Daystar Power, says: “Daystar Power provides Solar Power Solutions to leading companies in Nigeria and West-Africa,
including banking, consumer goods, agriculture and manufacturing clients. We save our customers regularly up to 25% of their energy costs, whilst providing them with a reliable source of energy at close to 100% uptime across all our installed systems.”

Jasper Graf von Hardenberg, Chief Executive Officer of Daystar Power, says: “The additional capital raised by Daystar Power will accelerate our growth and help us satisfy the significant demand we see among West African corporates for solar power solutions that reduce both cost and carbon footprint. With Verod Capital Management, one of West Africa’s leading private equity investors and Persistent, a leading investor and venture builder in the off-grid sector, we have attracted two major investors which share our
excitement for solar power for commercial and industrial customers in Africa.”

Daniel Adeoye, Senior Investment Manager at Verod Capital Management, says: “This deal is a landmark moment for the solar industry in West Africa and is a testament to Verod’s belief that the future of Africa’s energy supply is and must be renewable. The private sector can lead our transition to a low carbon economy. Daystar is pioneering the supply of low-cost hybrid solar power, and we look forward to helping to fulfill the
company’s potential and driving swift growth and expansion.”

Olu Verheijen, Partner at Persistent, says: “The commercial and industrial segment presents a credible path to scale and profitability in the off-grid sector. Daystar’s solutions enable companies to redirect significant power cost savings into business
growth while reducing their carbon footprint. We are very excited to partner
with Daystar Power to unleash sustainable economic growth in Nigeria.”

Source: Solar Power Management

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