Showing a continued thirst for bringing solar power and energy efficiency solutions for businesses in Nigeria, Daystar Power has raised an additional $4 million from investors at SunFunder, a solar finance company.
Recall that the company last year closed a $10 million investment with Verod Capital Management and Persistent Energy Capital LLC.
According to this financing company, which specialises in solar energy, this investment will enable Daystar Power to produce 3 MWp of electricity.
Speaking, Christian Wessels, cofounder, Daystar Power says the deal is in fulfillment of its mission “of bringing clean and affordable energy to businesses in West Africa to support their growth and environmental goals.
“SunFunder’s support allows the beginning of a new phase of accelerated growth for our company,”
Rim Azirar, who led the transaction for SunFunder, said the loan had a project finance-like structure that can support Daystar’s strategy for rapid buildout in Nigeria through its highly scalable business model.
“The Daystar team offers its clients power solutions tailored to their operations and is impressively scaling the company’s reach by standardising deployment, both important factors in the emerging and often fragmented C&I solar sector in Africa,” he said.
In a recent interview with PetrolGas Report (PGR), Christian had said securing funding has been one of the most critical milestones on the firm’s journey.