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Daystar Power is one of many companies offering solar energy solutions that are transforming the energy landscape in West Africa. Since its founding in 2017, this Lagos-based company has quickly risen to prominence, providing commercial and industrial clients with cost-effective, clean, and reliable energy.
Founding and Growth
Daystar Power was co-founded in 2017 by Christian Wessels and Jasper Graf von Hardenberg, with a clear mission to address the chronic energy challenges faced by businesses in West Africa. The company’s early vision was simple: to reduce the dependency on diesel generators, which are both costly and environmentally damaging, by providing reliable solar power solutions. The company provides hybrid solar power solutions that combine solar energy with other power sources, ensuring uninterrupted power supply even in regions with unstable electricity grids. Over the years, Daystar Power has made significant strides in this direction, steadily increasing its installed capacity and customer base. Starting with just a few pilot projects, Daystar Power has scaled up its operations, securing substantial funding from global investors. Notably, the company raised $97 million through various equity and debt financing rounds, enabling it to expand its operations across Nigeria, Ghana, Senegal, and Togo. This financial backing has not only fuelled the company’s expansion but also positioned it as a leader in the renewable energy space in Africa. The company’s growth trajectory has been marked by strategic investments and partnerships. In 2021, Daystar Power secured $38 million in Series B funding, led by the International Finance Corporation (IFC), a World Bank Group member. This investment has enabled Daystar Power to expand its operations, enhancing its capacity to deliver solar energy solutions to a broader range of customers. With a presence in Nigeria, Ghana, Togo, and Senegal, the company continues to solidify its position as a leader in the West African renewable energy sector.Key Projects and Contributions
Daystar Power has successfully executed several high-impact projects that highlight its expertise and commitment to delivering top-notch solar energy solutions. One of the company’s flagship projects is the installation of solar power systems for the Nigerian Bottling Company across their various locations in Nigeria – Abuja (1.5MW), Asejire (1.6MW), Benin (942kW), Challawa (3.1MW), Ikeja (627kW), Maiduguri (750kW), Owerri (1MW), and Port Harcourt (751kW). This project has significantly reduced the company’s reliance on diesel generators, cutting down operational costs and reducing carbon emissions by 7,572,906 Kg.Sign up for the Connect Nigeria daily newsletter
Another notable project is the partnership with Unity Bank, where Daystar Power installed solar power systems across multiple branches. This initiative not only lowered the bank’s energy costs but also aligned with its corporate social responsibility goals by reducing its carbon footprint. Earlier this year, it announced the commissioning of a 4.3MW Solar System for Rider Steel, a steel manufacturing factory in Kumasi, Ghana. It is expected that Rider Steel will offset 49,900 tons of CO2 emissions over the installation’s 20-year lifetime. The installation is said to be the largest distributed solar power project for an industrial client in Ghana. In addition to its commercial projects, Daystar Power is also making strides in the industrial sector. The company has provided solar energy solutions to manufacturing plants, reducing their dependency on the national grid and ensuring continuous production even during power outages.
Future Outlook
With a presence in seven countries, over 400 power installations with an installed solar capacity of 50.4MWdc/43.7MWac, and a team of 190 colleagues, Daystar Power’s future looks bright as it continues to expand its footprint across Africa. The company has set an ambitious target to increase its installed solar capacity. This goal is supported by its recent acquisition by Shell, marking Shell’s first power acquisition in Africa. This partnership is expected to accelerate Daystar Power’s growth, enabling the company to scale its operations and reach more businesses across the continent.Register to attend the CN Business Mixer
As part of this expansion, Daystar Power plans to enter new markets in East and Southern Africa, further solidifying its position as a leading provider of solar energy solutions on the continent. With the backing of a global energy giant like Shell, Daystar Power is well-positioned to continue its mission of delivering affordable, reliable, and sustainable energy to businesses across Africa.
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