(Ecofin Agency) - Daystar Power, which specializes in solar energy supply in West Africa, has raised $38 million in a Series B round to boost its activity. The operation was led by the Danish development bank (IFU) and saw the participation of three foreign investors: French STOA and Proparco, and American Morgan Stanley.
Several factors motivated this investment, including "the customer base, technologies, expertise and skills of the Daystar Power team," said Thomas Hougaard, IFU's Vice President for Sub-Saharan Africa.
This financing comes one year after Daystar Power's initial equity investment and brings to $48 million the total investment mobilized to date by the Nigerian energy company, which plans to deploy its solar solutions across West Africa.
The company, founded in Lagos in 2017 by Christian Wessels and Jasper Graf von Hardenberg, will strengthen its activities in its main markets of Nigeria and Ghana and accelerate its expansion in Côte d'Ivoire, Senegal, and Togo.
The initiative will promote the adoption of renewable energy in that part of the continent where the national grid does not always cover the whole territory.