Daystar Power, a Nigerian firm that provides businesses with hybrid solar power solutions, has announced closing a USD 20 Mn facility from the International Finance Corporation (IFC) to assist it in completing its project pipeline.
Daystar Power’s Nigerian affiliate will receive a USD 20 Mn loan from the IFC to develop hybrid renewable energy systems. The investment comprises a subordinated loan of USD 10 Mn from the Canada-IFC Renewable Energy Programme for Africa and a local currency loan of USD 10 Mn from IFC.
Daystar Power is an off-grid power service provider whose “Solar-as-a-Service” and “Power-as-a-Service” solutions provide clean and reliable power while significantly lowering clients’ overall power bills. The company intends to increase its installed solar power capacity to 140MW by 2024, expanding its client base in the financial services, manufacturing, and agricultural industries.