Lagos, 21.03.2019 – The African solar energy company, Daystar Power has closed a $10 million USD investment with Verod Capital Management and Persistent Energy Capital LLC and has lined up an additional $16 million in debt financing to accelerate its expansion across West Africa. The deal will allow Daystar Power to expand its offering of Solar Power Solution for Commercial and Industrial customers across the region.
Daystar Power is a leading West African solar energy company providing African companies and institutions, including banking, consumer goods, agriculture and manufacturing clients with complete power solutions using solar energy. The solutions provide Daystar Power’s corporate clients with a reliable source of energy, whilst significantly reducing their operating costs and minimizing the use of diesel generators to power their operations. Daystar Power was founded in Lagos in 2017 by Christian Wessels and Jasper Graf von Hardenberg and incubated by African venture builder, Sunray Ventures.
Since inception, Daystar has installed 1MW of off-grid solar energy solutions to Commercial and Industrial customers across Nigeria and Ghana. Daystar Power solutions deliver up to 25% of savings against current cost of energy and guarantees 99% uptime reliability to its clients while reducing carbon emissions from diesel generators.
Daystar Power provides Solar Power Systems ranging from 20 KWp and up to 5 MWp. Daystar provides clients with a monthly payment option that reduces capital outlay and thereby making it easier to switch to a cleaner energy solution. A key differentiator for Daystar Power is its focus on a high quality of service using only best-in class equipment with long-term warranties and a strong local technical support services team.
Christian Wessels, Founder and Executive Chairman at Daystar Power, says: “Daystar Power provides Solar Power Solutions to leading companies in Nigeria and West-Africa, including banking, consumer goods, agriculture and manufacturing clients. We save our customers regularly up to 25% of their energy costs, whilst providing them with a reliable source of energy at close to 100% uptime across all our installed systems.”
Jasper Graf von Hardenberg, Chief Executive Officer of Daystar Power, says:
“The additional capital raised by Daystar Power will accelerate our growth and help us satisfy the significant demand we see among West African corporates for solar power solutions that reduce both cost and carbon footprint. With Verod Capital Management, one of West Africa’s leading private equity investors and Persistent, a leading investor and venture builder in the off-grid sector, we have attracted two major investors which share our excitement for solar power for commercial and industrial customers in Africa.”
Daniel Adeoye, Senior Investment Manager at Verod Capital Management, says:
“This deal is a landmark moment for the solar industry in West Africa and is a testament to Verod’s belief that the future of Africa’s energy supply is and must be renewable. The private sector can lead our transition to a low carbon economy. Daystar is pioneering the supply of low-cost hybrid solar power, and we look forward to helping to fulfill the company’s potential and driving swift growth and expansion.”
Olu Verheijen, Partner at Persistent, says:
“The commercial and industrial segment presents a credible path to scale and profitability in the off-grid sector. Daystar’s solutions enable companies to redirect significant power cost savings into business growth while reducing their carbon footprint. We are very excited to partner with Daystar Power to unleash sustainable economic growth in Nigeria.”
Daystar Power is a pan-African electricity company specializing in the generation of solar energy, with a focus on medium and small-scale solar systems (20kWp to 5 MWp). The plants are either sold or made available to customers in a service fee model. The user benefits from cost savings against payment of a monthly fee, from ensuring a stable power supply, emission-free energy production and the efficient energy management. Unlike many other international solar companies, Daystar Power has established local technical units that provide a high level of service.
Persistent Energy Capital LLC invests in and builds impact ventures in underserved markets. By providing deep operational and strategic support to exceptional entrepreneurs, Persistent generates attractive financial returns and creates lasting social and environment impact. Persistent operates out of offices in Lagos, New York and Zurich.
Verod Capital Management is a Private Equity firm focusing on investing equity and equity-linked capital in growth companies across various sectors including education, financial services, consumer products, business services, manufacturing, and agribusiness in Anglophone West Africa. Verod seeks to partner with companies led by strong, result driven management teams that can grow large, dominant enterprises.
Sunray Ventures is an African Venture Builder with locations in Lagos, Frankfurt and Dubai. Sunray Ventures is focusing on building and scaling high-growth companies which generate profit, whilst creating environmental and socio-economic impact in their respective industries. Sunray Ventures and their owners Christian Wessels and Jasper Graf von Hardenberg have founded Daystar Power in 2017.
