Daystar Power, an African solar energy company, has secured a $10 million investment from Verod Capital Management and Persistent Energy Capital LLC to expand its solar power solutions for commercial and industrial customers across West Africa.
Founded in 2017, the solar energy company – which is owned by Sunray Ventures – operates in Ghana, Nigeria and Tanzania and provides energy to institutions for banking, consumer goods, agriculture and manufacturing needs.
The company is planning to expand to Kenya and Zambia, with an additional $16 million in debt financing also being developed to aid the company’s growth across the region.
“One of the main difficulties affecting Africa’s economic development so far is the lack of a comprehensive and stable energy supply,” said Christian Wessels, MD of Sunday Ventures.
Further adding that the undersupply of schools and hospitals with energy and the general unreliability of energy supply represent an insurmountable hurdle for companies and foreign investors.
Since its inception, Daystar Power has installed one megawatt of off-grid solar energy solutions to commercial and industrial customers across Nigeria and Ghana through implementing solar power systems ranging from 20-kilowatt peak and up to five-megawatt peak.
The company boasts up to 25 percent of savings against the current cost of energy and guarantees 99 percent uptime reliability to its clients while reducing carbon emissions from diesel generators.
The recent installment represents Verod Capital’s final investment from its $115 million Growth Capital Fund II launched in 2014.