Daystar Power is going to receive new funding to expand its operations in Nigeria. The International Finance Corporation (IFC), the World Bank Group’s private sector financing arm, has committed $20 million to the solar hybrid systems supplier. The IFC-Canada Renewable Energy for Africa Program provided $10 million of the money.
Daystar Power received $38 million in January 2021 from the French fund STOA Infra & Energy, Proparco, a part of the French Development Agency (AFD), and Morgan Stanley, an American bank. The German Investment Corporation (DEG) awarded the solar hybrid system supplier $4 million for its Ghanaian affiliate.
The Lagos-based firm builds hybrid solar systems for commercial and industrial customers in the West African country. Despite load shedding, these systems ensure that businesses have access to energy. These modest hybrid solar power plants also help recipients minimise their reliance on generators, which are sometimes the only option when Nigeria’s national power grid is unstable.