Nigeria’s solar power company Daystar raises $38 million for West Africa expansion

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 company plans to expand its installed capacity to 100 MW from the current 23 MW. 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. Nigeria is seen as the largest potential market for mini-grid in West Africa and has received at least $374 million in the past ten years from international donors for mini-grid development.

 

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