One of the major challenges faced by West Africa countries is electricity. For years, Nigeria, which is the region’s largest economy, has been unable to provide electricity to its citizens despite having resources to do so.
One company that has taken it upon itself to solve the problem is Daystar Power, a leading solar energy firm in West Africa.
The company recently partnered with a Swedish investment platform known as Trine to finance solar power systems in West Africa.
The partnership opens up investments in Daystar Power’s solar power installations, previously limited to large-scale investors, to the wider public.
Daystar Power and Trine initiated their partnership by opening a round of debt investments for a total of €500,000 for Daystar Power’s latest captive power installations for commercial customers in Togo and Senegal. This financing round allows individuals and companies to invest in Daystar Power’s projects with a minimum investment amount of €25.
Traditionally, investments in solar power plants in Africa have been reserved for large institutional investors.
Trine and Daystar Power are changing this, by enabling individuals and companies to participate in financing the expansion of solar power. The current financing round will help Daystar Power expand its footprint of installations from Ghana and Nigeria to Togo and Senegal.
Commenting on the development, Executive Chairman of Daystar Power, Christian Wessels, stated that, “We are excited about our partnership with Trine, as it will allow a new class of investors to invest in our solar power plants in West Africa. In Trine we have found a partner who is as passionate about impact investing and solar power as we are.”
Christoffer Falsen, CFO and co-founder of Trine: “We are happy that with Daystar Power, we have found our first partner company which is active in the commercial and industrial space of solar power. We are confident that through our loans, Daystar Power will be able to make significant contributions to protecting the environment and fostering local job creation.”
Daystar Power is a pan-African electricity company specializing in the generation of solar energy, with a focus on medium and small-scale solar systems (20kWp to 5 MWp). The plants are either sold or made available to customers in a service fee model.
The user benefits from cost savings against payment of a monthly fee, from ensuring a stable power supply, emission-free energy production and the efficient energy management. Unlike many other international solar companies, Daystar Power has established local technical units that provide a high level of service.
Sunray Ventures is an African Venture Builder with locations in Lagos, Frankfurt and Dubai. Sunray Ventures is focusing on building and scaling high-growth companies which generate profit, whilst creating environmental and socio-economic impact in their respective industries. Sunray Ventures and their owners Christian Wessels and Jasper Graf von Hardenberg have founded Daystar Power in 2017.
Trine makes it easy for people to invest in solar energy where it has the most impact. Innovative companies get the injection of capital they need to create a greener future. Trine investors get a triple return on investment – earn a profit while making social and environmental impact.
Trine investors have injected €19 million into 27 different companies, resulting in an estimated impact of 400,000 people gaining access to electricity with 31,000 tons of CO2 emissions avoided. Investors have been repaid €2.8 million to date.
Source: Business Post