Nigerian solar developer, Daystar Power has raised $4 million from SundFunder, a solar finance company to bring solar power and energy efficiency solutions for Nigerian businesses.
According to the solar company, the funds will be used to provide power at a reduced cost for businesses in the commercial, industrial, and agricultural sectors in the country.
Speaking on the funding, the co-founder and executive of Daystar Power, Christian Wessels expressed delight on the support from SunFunder. He added that the support will enable them to continue providing clean and affordable power to West African businesses.
“We are happy to partner with SunFunder in our mission to bring clean, continuous and affordable power to West African businesses in support of their growth and environmental goals. The support of SunFunder enables the beginning of a new phase of accelerated growth for our company.”Christian Wessels, co-founder and executive of Daystar Power
The debt finance comes after the company raised £500,000 and $10m for its West Africa expansion last year. The new funds will raise up to 3MW of commercial and industrial (C&I) projects for clients including top-level financial institutions and other small and medium-sized enterprises (SMEs). It also aims to mitigate over 100,000 tons of CO2 emissions annually.
Nigeria, with a fast-growing population of about 180 million, has a total power capacity of about 12,522MW with her peak generation output at 5,074MW’s. The power generated isn’t enough even. Put into perspective, South Africa with a population of 52.4 million generates 35,819MW.
The lack of capacity to meet the countries high energy demand causes Nigerians to seek alternative sources of power. Approximately 80% of Nigerians use alternative sources of electricity supply, particular generators to supplement their inadequate energy.