The International Finance Corporation (IFC), is providing $20Million in financing for Daystar Power’s expansion project in Nigeria. The company installs solar hybrid systems for commercial and industrial customers.
Half of the money is a loan from the IFC-Canada Renewable Energy for Africa Programme. The other $10Million of the funding is being provided as a local currency (naira) loan directly by the IFC.
Lagos-based Daystar Power installs hybrid solar systems for commercial and industrial customers. These installations allow companies to have electricity, despite load shedding. These small hybrid solar power plants also allow its beneficiaries to reduce their dependence on generators, which are often the only alternative to the instability of Nigeria’s national power grid.
With this particular funding, Daystar says of the $20Million, “we are gaining more than just capital. IFC brings a deep understanding of renewable energy projects and project financing in emerging markets,” says Jasper Graf von Hardenberg, CEO and co-founder of Daystar Power.
In January 2021, Daystar Power raised $38Million from the French fund STOA Infra & Energy, Proparco, the subsidiary of the French Development Agency (AFD) group, and the American bank Morgan Stanley. The solar hybrid system provider also received $4Million from the German Investment Corporation (DEG) for its Ghanaian subsidiary. In all, Daystar Power has raised $62 million since the beginning of the year for its expansion in sub-Saharan Africa.
