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Solar company Starsight secures $10 million in financing

Published 14/01/2021, 12:24
Updated 14/01/2021, 12:30
© Reuters.

© Reuters.

LAGOS, Jan 14 (Reuters) - Solar power supplier Starsight has
expanded a senior debt facility by $10 million to broaden its
offerings and generation capacity in Nigeria and Ghana, the
company said on Thursday.
The expanded facility, completed with development financiers
Finnfund and Norfund, doubles the existing debt facility the
company has with them and is the second time a solar company in
the region has secured millions in funding this week.
On Tuesday, Daystar Power announced $38 million in funding,
mostly from development finance institutions, to expand West
Africa operations. Grids across Africa do not generate enough power, and solar
companies are seeking to fill a gap now largely met by privately
owned diesel- or gasoline-powered generators. In Nigeria, such
generators not connected to the grid provide at least four times
as much electricity as the grid itself.
Starsight, which provides energy-as-a-service to commercial
customers in Nigeria and Ghana, closed the original debt
facility in June 2019 and has since doubled its generation
capacity to 36 megawatts. It also has 28 megawatts of storage at
over 500 sites.
The company installs solar generation for clients, maintains
it and monitors power usage. Clients range from gas stations and
banks to schools and commercial agricultural companies.
Other Starsight backers include Helios Investment Partners
and Africa Infrastructure Investment Managers.

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