SunFunder Makes First Investment in Nigeria

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Feb 2020
Nigeria, February, 10 2020 - Solar finance company SunFunder has announced its first disbursement in Nigeria, part of a facility of up to $4 million with commercial and industrial (C&I) solar developer, Daystar Power.

SunFunder’s investment in up to 3MWp of C&I projects for clients including top tier financial institutions and other small and medium-sized enterprises will mitigate 102,410 tons of CO2 emissions annually.

“We are delighted to support Daystar’s growth with a project finance-like structure that can support the company’s strategy for rapid buildout in Nigeria, through their highly scalable business model” said Rim Azirar, Investment Officer at SunFunder. “The Daystar team offers its clients power solutions tailored to their operations and is impressively scaling the company’s reach by standardising deployment, both important factors in the emerging and often fragmented C&I solar sector in Africa.”

Daystar Power specialises in providing solar power and energy efficiency solutions for businesses in the commercial, industrial, and agricultural sectors that result in significant reduction of power costs, diesel consumption and pollution.

The company’s success combines a high value offering with cost minimisation through optimised solutions design combined with a professional maintenance programme. Daystar’s mission is to provide an African sustainable energy solution that results in a minimum 20 percent reduction in energy costs and 50 percent reduction in diesel consumption for end users.

According to a recent study by Bloomberg New Energy Finance, Nigeria has the largest potential for C&I solar in Africa because of the scale of the opportunity for diesel replacement. Daystar is a pioneer in the market, offering end-users increased reliability as well as lower energy costs through solar and storage systems.



 

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