Daystar Power, a West African producer of hybrid solar power solutions, has announced the completion of a $20 million financing from the International Finance Corporation (IFC).
Daystar Power has raised $62 million in funding this year, following a $38 million series-B investment in January and a $4 million financing for its Ghanaian subsidiary with DEG.
The financing will be used to invest in hybrid renewable energy systems by Daystar Power’s Nigerian subsidiary. The financing is made up of a $10 million subordinated loan from the Canada-IFC Renewable Energy Program for Africa and a $10 million IFC loan in local currency.
Daystar is also collaborating with the IFC’s Energy2Equal program, which is supported by the Canadian government, to address gender disparities and enhance women’s engagement in renewable energy, with a focus on leadership and technical positions.
“This facility represents a significant milestone for us. The funds will enable us to expand our solar project installed capacity and support additional Nigerian businesses in need of clean, cheap power. However, we acquire more than just money. IFC has extensive experience with renewable energy projects and project financing in emerging nations. Daystar Power’s CEO and Co-Founder, Jasper Graf von Hardenberg, remarked, “We’re delighted to work with them.”
By 2024, Daystar Power intends to increase its installed solar power capacity to 140MW, expanding its client base in the financial services, manufacturing, and agricultural industries.
In Nigeria, the firm now manages and operates 150 power plants.