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Thursday, September 29, 2022

Daystar Power gets $20 million to expand in West Africa

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Daystar Power, a Nigerian hybrid renewable energy provider, has received a $20 million investment from the World Bank Group’s International Finance Corporation. This follows IFC’s April 2021 announcement that they were considering a $20 million loan to Daystar Power.

The funds will be used to expand the company’s renewable energy projects in Nigeria, where it currently operates 150 solar power systems. It will also expand its current power capacity from 29 MW to 140 MW by 2024.

The first half of the loan ($4.2 billion) will go to Daybreak Power Solutions, the company’s Nigerian subsidiary. An ancillary loan from the Canada-IFC Renewable Energy Program for Africa would fund the second half.

Daystar Power currently offers solar power solutions to commercial, industrial, and agricultural businesses, claiming a 30% reduction in energy costs. After paying a fee, clients are serviced by a hybrid model. This model integrates solar power and battery storage into existing power sources like the electrical grid or diesel/fuel generators.

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