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Breaking News | Nigeria: Starsight Gets $10 Million Funding to Expand Solar Power Solutions in Nigeria, Ghana

Daystar secures US$38 million for west African expansion

WEST AFRICA: Daystar Power raises $38 million for its solar off-grid projects

January 14 2021 / Modified on January 14 2021 Daystar Power mobilizes $38 million from several development partners. The solar off-grid provider will use these funds to expand its activities in West Africa. In West Africa, the rate of access to electricity is 52% on average, with power cuts of up to 80 hours per month, according to the World Bank’s 2018 report. Daystar Power, a Nigerian supplier of solar off-grids, has since been helping, along with other companies, to fill this gap. To increase the spread of its solution to households in West Africa, the company recently carried out a financial mobilisation that raised $38 million. This round of financing was initiated by the Investment Fund for Developing Countries (IFU), a Danish development bank with the support of STOA, a French impact fund, and Morgan Stanley Investment Management. With these funds, Daystar Power intend

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