Daystar Power signs $500m DEG-backed loan
Renewable energy solution provider Daystar Power has signed a $500 million DEG-backed loan to finance the roll-out of hybrid solar power systems in Nigeria and Ghana.
The German development bank is funding the scheme via a five-year facility under its Upscaling programme, which supports SMEs looking to scale up their innovative business models. Loans made under the programme do not carry an interest rate. The loan is part of an ongoing fundraising process being undertaken by Daystar Power, under which it is looking for both debt and equity. The founders of the business made an initial $1 million capital injection. Daystar Power intends to raise additional debt and equity by Q1 2019, though the target value of this fundraising is not known.
DayStar is an initiative started by ‘venture builder’ Sunray Ventures. It leases or sells solar power units of between 20kW to 2MW, on a plug-and-play basis, to business customers.
