TechInAfrica – A hybrid renewable energy solution provider, Daystar Power, has closed a $20m deal from International Finance Corporation (IFC).
This is the company’s latest addition to its total of $62m raised funding this year. It also raised a $38m series-B investment in January and a $4m to its Ghanaian subsidiary. The latest deal, though, is consisted of a $10m loan in local currency from IFC, and another $10m loaned from Canada-IFC Renewable Energy
The funding will be allocated to its Nigerian subsidiary, which plans to utilize the funding for increasing its solar capacity in its currently running 150 power plants.
The CEO and co-founder of Daystar Power, Jasper Graf von Hardenberg sees the deal as a significant milestone, and the investment comes with both opportunities for capacity expansion and shared experiences from IFC, who has had a belt of projects in similar emerging company investment.
“The funds will enable us to expand our solar project installed capacity and support additional Nigerian businesses in need of clean, cheap power,” he adds.
The main company, however, is also catching up to a bigger solar power capacity, aiming to get to 140 MW by 2024.