Daystar Power receives 10 million US Dollars for expansion of solar power operations in West Africa
The investment will enable Daystar to further scale its deployments across the region, providing low cost, reliable and clean energy to its customers. Verod will leverage on its wealth of experience and relationships in the West African corporate and industrial community to support Daystar’s growth.
Verod co-invested in Daystar Power with Persistent, a pioneer investor in the off-grid sector. The investment will represent the 10th (and final) commitment of Verod Capital Growth Fund II LP, a $115 million fund launched in 2014 to invest in middle-market high growth companies.
Verod is active across various sectors, including but not limited to light manufacturing, consumer goods, business services, agriculture, education, healthcare and financial services. Verod seeks to partner with companies with proven business models and high market growth potential, led by motivated management teams, to build sustainable and responsible regional leaders in their respective industries.
Founded in 2017, Daystar Power Africa, a solar energy company, specializes in providing individuals as well as enterprises with efficient solar energy solutions. Operating in Ghana, Nigeria and Tanzania, DayStar Africa provides energy to institutions for banking, consumer goods, agriculture and manufacturing needs. In addition to the $ 10 million, it plans to raise an additional $ 16 million in debt.
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.