- The deal is Shell’s first power acquisition in Africa and will enable Daystar Power to increase its installed solar capacity to 400MW by 2025.
- Daystar Power CEO Jasper Graf von Hardenberg and the management team will continue to run the company Pending regulatory approvals.
Daystar Power, a West African provider of hybrid solar power solutions to commercial and industrial (C&I) businesses, yesterday announced its acquisition by Shell. Pending regulatory approvals, Shell will acquire Daystar Power to deliver carbon emission reductions and power cost saving to C&I companies across Africa.
Daystar, headquartered in Lagos, provides solar power solutions to clients in Ghana, Nigeria, Senegal and Togo, offering solar and hybrid power solutions with battery storage. The company has raised $97 million through multiple rounds of equity and debt financing, the most recent being a $20 million loan from the International Finance Corporation in July last year.
Daystar Power’s co-founders and management team will continue to grow its operations in its key West African markets while expanding its presence to other African countries in East and Southern Africa. Daystar Power targets to increase its installed solar capacity to 400MW by 2025 to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.