Nigerian solar startup Daystar Power raises $4m debt funding

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Nigerian solar startup Daystar Power has gained access to a debt funding facility of up to US$4 million from SunFunder to help it scale further.

Daystar Power specialises in providing solar power and energy efficiency solutions for businesses in the commercial, industrial, and agricultural sectors that result in at least a 20 per cent reduction in energy costs and 50 per cent reduction in diesel consumption for end users.

It is now set for further growth after securing a funding facility from SunFunder, which provides debt financing for projects that counteract carbon emissions. Its African investments include PEG Africa and SolarNow.

Rim Azirar, who led the transaction for SunFunder, said the loan had a project finance-like structure that can support Daystar’s strategy for rapid buildout in Nigeria through its highly scalable business model.

“The Daystar team offers its clients power solutions tailored to their operations and is impressively scaling the company’s reach by standardising deployment, both important factors in the emerging and often fragmented C&I solar sector in Africa,” he said.

Christian Wessels, co-founder and chairman of Daystar Power, said he was happy to partner with SunFunder to boost its mission of bringing clean, continuous and affordable power to West African businesses in support of their growth and environmental goals. 

“The support of SunFunder enables the beginning of a new phase of accelerated growth for our company,” he said.

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Passionate about the vibrant tech startups scene in Africa, Tom can usually be found sniffing out the continent's most exciting new companies and entrepreneurs, funding rounds and any other developments within the growing ecosystem.

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