Nigerian off-grid power provider startup, Daybreak Power Solutions, secures $20mn from IFC
Nigeria’s Daybreak Power Solutions, a subsidiary of Daystar Power Group, has secured a $20 million debt facility from the International Finance Corporation (IFC). The facility will help the startup in its expansion project in Togo and two other countries in the sub-region.
The $20 million is composed of a loan of $10 million in local currency [naira, note], granted by the IFC. The second part will be a subordinated loan of $10 million under the IFC’s Renewable Energy Program for Africa.
While Daystar as a whole plan to raise $100 million over the next three years, it has already successfully raised $38 million in Series B financing from several investors.
The arrival in Togo of Daystar will expand the offers currently available on the market as the country expects universal energy coverage by 2030 in its national electrification strategy.
Click here to find out more!
What You Need To Know About Daybreak Power Solutions
Daybreak Power Solutions is 100% owned by Daystar Group. The main sponsor shareholder of Daystar Group is Sunray Group (19.65%) which is the investment vehicle of the founders, Christian Wessels and Jasper Graf von Hardenberg.
Read also: Nigerian Social Platform, Rabawa, Secures US$163k Funding
The other shareholders include the European development finance institutions, IFU (28.51%); PROPARCO (6.62%); STOA (14.26%); Oreon MLI (19.70%), a venture capital company that actively invests in West Africa; Climate Impact Solutions Fund LP (4.99%) as well as Avatown Holdings (4.90%).
Currently having an installed solar capacity of 8.1 MWp on 156 sites, the startup’s objective is to install a solar capacity of 140 MWp by 2024 via a 4-year investment program in the West African sub-region.
Read the original article here
