Daystar Power, a startup providing solar power solutions to businesses in the region, has secured $38-million in a Series B Investment.
In a Series B funding round, Daystar Power, a start-up that offers solar power solutions to businesses in Nigeria, has secured $38 million.
The investment was led by the Danish development finance agency, the Investment Fund for Developing Countries (IFU) (DFI). STOA, a French impact infrastructure fund, Proparco, and some other investors were additional investors.
It is announced that the solar power-focused start-up will use the funding to expand its operations in Nigeria and Ghana, with the goal of expanding to other countries such as Senegal, Togo and Côte d’Ivoire.
The funding would also help Daystar Power expand its installed capacity to more than 100 megawatts, catering to customers in different industries, such as financial services, agriculture, manufacturing, and more.
In an official press release, Thomas Hougaard, Vice President Sub-Saharan Africa, IFU provides insight into why an investment was made into Daystar Power.
We believe that Daystar Power has the right elements to scale off-grid solar across West Africa-the customer base, technology, engineering expertise, and executive leadership. Daystar Power is not only at the forefront of a growing market, but also helps accelerate the adoption of renewable energy in some of the fastest-growing cities in Africa.
