Daystar Power obtains USD 20m in IFC loans for Nigerian investments

Daystar Power, an off-grid solar installer serving commercial and industrial customers in West Africa, has closed a USD-20-million (EUR 16.9m) loan facility from the International Finance Corporation (IFC).

The company, which offers both “Solar-as-a-Service” and hybrid power solutions with battery storage, will invest the money in hybrid renewable energy projects in Nigeria.

“The funds will allow us to grow our installed capacity of solar projects and serve more Nigerian businesses in need of clean and affordable power,” said Jasper Graf von Hardenberg, CEO and Co-founder of Daystar Power.

So far this year, Daystar has secured USD 62 million in financing, including the latest loan, proceeds from its USD-38-million Series B funding round in January and a USD-4-million financing for its Ghanaian subsidiary with DEG.

The company intends to expand its total installed solar power capacity to 140 MW by 2024. It will achieve this by growing its client base in the financial services, manufacturing and agricultural sectors.

At present, Daystar manages and operates 150 power installations in Nigeria.

(USD 1.0 = EUR 0.845)

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