Leading provider of hybrid renewable energy solutions to businesses in West Africa, Daystar Power, has announced the closing of a $20 million facility from International Finance Corporation (IFC).
The financial close follows Daystar Power’s $38 million series-B fundraise in January, and a $4 million financing for its Ghanaian subsidiary with DEG. In total, Daystar Power has secured around $62 million in financing this year.
“This facility is a major milestone for us. The funds will allow us to grow our installed capacity of solar projects and serve more Nigerian businesses in need of clean and affordable power,” said Jasper Graf von Hardenberg, CEO and Co-founder of Daystar Power.
IFC will provide the loan to Daystar Power’s Nigerian subsidiary for investing in hybrid renewable energy systems. The investment is structured as a $10 million subordinated loan from the Canada-IFC Renewable Energy Program for Africa and a $10 million local currency loan from IFC.
“IFC brings a wealth of in-depth knowledge of renewable energy projects and project finance in emerging markets. We’re delighted to work with them,” said Jasper Graf von Hardenberg, CEO and Co-founder of Daystar Power.
Daystar is also working with the Canadian-funded IFC program Energy2Equal to close gender gaps and increase women’s participation in the renewable energy sector with a focus on leadership roles and technical positions.
Daystar Power plans to expand its installed solar power capacity to 140MW by 2024, growing its client base in the financial services, manufacturing and agricultural sectors. The company currently manages and operates 150 power installations in Nigeria.