Daystar Power, a Nigerian renewable energy firm, has closed $4 million debt financing from SunFunder.
Daystar Power will invest the new funds in producing up to 3MW of C&I projects for clients including top tier financial institutions and other small and medium-sized enterprises.
This will mitigate over 100,000 tons of CO2 emissions annually.
Daystar Power specialises in providing solar power and energy efficiency solutions for businesses in the commercial, industrial, and agricultural sectors that result in at least a 20% reduction in energy costs and 50% reduction in diesel consumption for end users.
Rim Azirar, who led the transaction for SunFunder, highlighted the scalability in both the structure of the loan and Daystar’s business model.
“It is a project finance-like structure that can support the company’s strategy for rapid buildout in Nigeria, through their 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.”
Daystar’s success combines a high value offering with cost minimisation through optimised system design, contracting and maintenance. Christian Wessels, co-founder and chairman of Daystar Power, commented:
“We are happy to partner with SunFunder in our mission to bring clean, continuous and affordable power to West African businesses in support of their growth and environmental goals. The support of SunFunder enables the beginning of a new phase of accelerated growth for our company.”