Shell wraps up deal for Nigerian solar firm Daystar Power

Oil and gas giant Shell Plc (LON:SHEL) has completed the acquisition of Nigeria-based hybrid solar power solutions provider Daystar Power after obtaining the necessary regulatory clearances.

The transaction, which marked Shell’s first power acquisition in Africa, was inked in September.

Set up in 2017, Daystar offers services to commercial and industrial (C&I) businesses. With operations in four countries, the Lagos-based company aims to increase its installed capacity to 400 MW by 2025 from 32 MW currently.

Following completion, the acquired business will operate as a wholly-owned subsidiary of the British firm under its existing brand within Shell’s Renewables & Energy Solutions division, a press release said.

The acquisition by Shell will allow Daystar to grow its operations in the region while expanding across the African continent, the Nigerian company noted in the statement.

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