Starsight Gets Increased Funding For Hybrid Solar Solutions In Nigeria And Ghana
In June 2019, Starsight, Finnfund, and Norfund shut their original $10 million facilities and since then, it has increased its facility to more than 500 sites, 36 MW of installed generating capacity, and 28 MWh of storage capacity across Nigeria and Ghana.
In a recent press release, it was announced by Starsight stating the increased senior debt facility by Finnfund and Norfund from $10 million to $20 million to further aid the company’s solar hybrid solutions in Nigeria and Ghana.
Now with the additional support provided by the DFIs to the Starsight, the company is focused on increasing its business activities beyond Nigeria and Ghana. Apart from Finnfund and Norfund, the West African solar developer is also backed up by AIIM, and Helios Investment Partners.
Since the establishment of Starsight 2015, every client of the company has benefited from the company’s end-to-end service, 99% service guarantee, and freed capex to make their businesses economic and feasible.
This latest added financing will empower Starsight to keep delivering their market-focused energy as-a-service hybrid solar solutions to trade and industrial clients in Nigeria and Ghana.
As per Tony Carr, Starsight’s CEO, “we are glad for our continued association with our business associates at Finnfund and Norfund, and we are grateful for their trust and confidence in our company’s enthusiastic team, esteem offerings, and operational reputation. As our initiative of expanding from Nigeria to Ghana and beyond, this added funding will be a milestone to our capacity to quickly place hybrid solar solutions to the new C&I clients. Starsight is exceptionally standing out to remain an influencing market leader due to this additional support from Nordic DFIs, along with our equity investors Helios Investment Partners and Africa Infrastructure Investment Managers. ”
Birgit Edlefsen, senior investment manager at Norfund, added, “We are glad to witness the growth and development of Starsight into the new markets. Following its success from Nigeria into Ghana, the company has left a positive effect on reducing both energy expenses and climate outflows, resulting in employment creation while aiding to more reasonable growth. We are pleased to become capable of continuing to support Starsight on this way.”
Eero Pekkanen, Finnfund senior investment manager said, “Starsight has got success in creating a well-functioning trade model through facilitating cleaner, affordable, and more reliable power to the customers across Nigeria and Ghana. It has been a great experience to find the company’s development from an explorer in the commercial and industrial area to a market leader influencing the entire industry.”
Apart from the effects of the global pandemic of COVID-19 on Trade finance, the lockdown has also adversely affected the world’s energy sector. Also, the International Energy Agency explained that they have no idea how these difficulties would affect the clean energy transformation in the short term.
It was founded in 2015. Starsight is a commercial and industrial solar power provider in West Africa. The team of the company consists of well-experienced professionals that offer efficient power solutions to diverse clients. For example, banks, gas stations, schools, and big commercial agriculture firms. The owned smart technology of Starsight improves energy consumption to empower customers for slightly reducing energy expenses and aid profitability without any upfront expenses.