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Home Funding

Daystar Power, a solar startup, has received $20 million in funding from the International Finance Corporation (IFC)

Tech Gist Africa by Tech Gist Africa
07/11/2021
in Funding, News - West Africa, Solar Energy, Venture Capital
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DAYSTAR Power

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Daystar Power, a West African producer of hybrid solar power solutions, has announced the completion of a $20 million financing from the International Finance Corporation (IFC).

Daystar Power has raised $62 million in funding this year, following a $38 million series-B investment in January and a $4 million financing for its Ghanaian subsidiary with DEG.

The financing will be used to invest in hybrid renewable energy systems by Daystar Power’s Nigerian subsidiary. The financing is made up of a $10 million subordinated loan from the Canada-IFC Renewable Energy Program for Africa and a $10 million IFC loan in local currency.

Daystar is also collaborating with the IFC’s Energy2Equal program, which is supported by the Canadian government, to address gender disparities and enhance women’s engagement in renewable energy, with a focus on leadership and technical positions.

“This facility represents a significant milestone for us. The funds will enable us to expand our solar project installed capacity and support additional Nigerian businesses in need of clean, cheap power. However, we acquire more than just money. IFC has extensive experience with renewable energy projects and project financing in emerging nations. Daystar Power’s CEO and Co-Founder, Jasper Graf von Hardenberg, remarked, “We’re delighted to work with them.”

By 2024, Daystar Power intends to increase its installed solar power capacity to 140MW, expanding its client base in the financial services, manufacturing, and agricultural industries.

In Nigeria, the firm now manages and operates 150 power plants.

 

Read more on Tech Gist Africa:

FSD Africa invests US$4.5 million in Nithio FI to help Kenya, Nigeria, and Uganda scale up off-grid energy

Munyax Eco in Rwanda and WidEnergy in Zambia receive funding from impact investor

Orange is expanding its solar projects in Africa and the Middle East to reduce its carbon footprint

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