Off-grid solar co Daystar Power raises USD 38m to grow in West Africa

Daystar Power, an off-grid solar installer serving commercial and industrial customers in West Africa, has closed a USD-38-million (EUR 31.3m) Series B financing round led by the Investment Fund for Developing Countries (IFU).

In addition to the Danish impact investor, French impact infrastructure fund STOA, development finance institution Proparco and Morgan Stanley Investment Management also took part in the financing. Including the funds raised in a prior round, the Nigerian company now has USD 48 million on its disposal.

Daystar Power offers Solar-as-a-Service and Power-as-a-Service solutions to businesses in the financial services, manufacturing, agricultural and natural resources sectors of Nigeria, Ghana, Togo and Senegal. To date, the firm has installed 23 MW and seeks to expand that capacity to more than 100 MW.

“By offering our commercial and industrial clients cheaper, reliable and cleaner power, we have seen a more than 50-fold increase in power-as-a-service revenue over the last two years,” said Jasper Graf von Hardenberg, CEO and Co-founder of Daystar Power.

(USD 1.0 = EUR 0.823)

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