A group of four institutional investors led by the Investment Fund for Developing Countries (or IFU) have participated in Daystar Power’s Series B round. Between them, the investors – IFU, STOA, Proparco, and Morgan Stanley Investment Management – are investing a total of $38 million in the hybrid solar generation business which was launched in 2017. As part of the deal, IFU and STOA will have representation on Daystar’s board of directors. A representative declined to disclose any additional terms of the deal.
The company will use the capital to expand its operations in Nigeria and Ghana, both core markets, while growing its presence in other West African countries such as Côte d’Ivoire, Senegal, and Togo. Daystar develops, owns, and finances hybrid solar generation projects in the commercial and industrial sectors, providing its clients with a monthly payment option that reduces capital outlay and makes it easier for them to switch to cleaner energy. The company reports that it’s on track to increase its power generation capacity to more than 100 MW.
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