Nigeria, part of a facility of up to $4m with commercial and industrial
(C&I) 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 significant reduction of power costs, diesel
consumption and pollution. SunFunder’s investment in up to 3MWp of C&I
projects for clients including top tier financial institutions and other
small and medium-sized enterprises will mitigate 102,410 tons of CO2
emissions annually.
“We are delighted to support Daystar’s growth with a project
finance-like structure that can support the company’s strategy for rapid
buildout in Nigeria, through their highly scalable business model,” said
Rim Azirar, Investment Officer at SunFunder. “The Daystar team offers
its clients power solutions tailored to their operations and is
impressively scaling the company’s reach by standardising deployment,
both important factors in the emerging and often fragmented C&I solar
sector in Africa.”
The company’s success combines a high value offering with cost
minimisation through optimised solutions design combined with a
professional maintenance program. Daystar’s mission is to provide an
African sustainable energy solution that results in a minimum 20 %
reduction in energy costs and 50% reduction in diesel consumption for
end users.
Christian Wessels, co-founder and executive of Daystar Power, comments:
“We are happy to partner with SunFunder in our mission to bring clean,
continuous and affordable power to West African businesses in support of
their growth and environmental goals. The support of SunFunder enables
the beginning of a new phase of accelerated growth for our company.”
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 is a pioneer in the
market, offering end-users increased reliability as well as lower energy
costs through solar and storage systems.
SunFunder and Daystar are also well aligned on gender parity. Both
companies boast leadership teams comprising almost 50% women.
Furthermore, SunFunder was co-founded by a woman and the chief executive
of Daystar in Ghana is the youngest female Nigerian CEO in West Africa’s
renewable energy sector. Daystar actively hires female engineers and
managers and seeks to create an environment where women can drive
development in Africa.
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