Solar company Starsight secures $10mn in financing
- Daystar Power announced $38 million in funding, mostly from development finance institutions, to expand West Africa operations.
- The company installs solar generation for clients, maintains it and monitors power usage.
LAGOS: Solar power supplier Starsight has expanded a senior debt facility by $10 million to broaden its offerings and generation capacity in Nigeria and Ghana, the company said on Thursday.
The expanded facility, completed with development financiers Finnfund and Norfund, doubles the existing debt facility the company has with them and is the second time a solar company in the region has secured millions in funding this week.
On Tuesday, Daystar Power announced $38 million in funding, mostly from development finance institutions, to expand West Africa operations.
Grids across Africa do not generate enough power, and solar companies are seeking to fill a gap now largely met by privately owned diesel- or gasoline-powered generators. In Nigeria, such generators not connected to the grid provide at least four times as much electricity as the grid itself.
Starsight, which provides energy-as-a-service to commercial customers in Nigeria and Ghana, closed the original debt facility in June 2019 and has since doubled its generation capacity to 36 megawatts. It also has 28 megawatts of storage at over 500 sites.
The company installs solar generation for clients, maintains it and monitors power usage. Clients range from gas stations and banks to schools and commercial agricultural companies.
Other Starsight backers include Helios Investment Partners and Africa Infrastructure Investment Managers.
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