Daystar Power, a Nigerian solar energy provider, has raised $38 million with the support of Investment Fund for Developing Countries and Morgan Stanley Investment Management to expand solar access across West Africa.
The Lagos-based firm plans to replace “unreliable grid or too expensive, polluting diesel generators,” with clean reliable power, Jasper Graf von Hardenberg, the company’s Chief Executive Officer and Co-founder said in an emailed statement Tuesday.
The company plans to expand its installed power capacity to 100 megawatts from the current 23 megawatts, it said. The injected capital will allow Daystar Power to accelerate its growth in key markets like Nigeria and Ghana, and open up in countries such as Côte d’Ivoire, Senegal, and Togo.
Source: Bloomberg
