Daystar Power, a fast-rising Nigerian Solar Company, has won the heart of SunFunder and raised a whopping $4 Million Debt Funding to scale up its business in Nigeria and other African Countries.
Africa, as a continent has many resources in it, from its fertile lands to well yielding farm produce, from the solid minerals to tourist centres. However, there is an unsung gold that most of us never tap into, a source of income that we have not really paid attention to and that is the highly illuminating Sun. Most of the 54 African Countries experience on daily basis, the sultry weather that could, literarily, dry up an ocean.
Amazingly, more than 60% of African Countries depend on hydroelectric power supply and have generators, which make use of fuel, as backup. Pathetically, most of these African Countries have intermittent power supply as only few of the African countries could boast of having electricity for at least 16 hours daily.
Daystar Power, in 2017, rose to the call and gave this problem a highly challenging battle. They tapped into the mass production of solar panels for businesses, homes, and individuals to have access to a 24-hour electricity every day. In the same vein, Daystar Power understands the side effects of using fuel as source of electricity. Fuel undergoes combustion and the smoke or fume that comes out of the exhaust valve of the generator set clouds up in the atmosphere and contributes massively to global warming, acid rain, and air pollution.
To promote clean and green environment, SunFunder – a solar finance company, provided a sum of $4 million debt funding to Daystar Power to foster the mass production of Solar Panels and solar-based gadgets in Africa. With this recent support, Daystar Power aims at producing more highly-efficient, cost-effective, and reliable Solar Panels for individuals, organizations, and businesses in the industrial, commercial, and agricultural sectors. This aims at reducing energy cost by at least 20% and slashing diesel consumption rate by 50%.
Rim Azirar, who led the transaction for SunFunder, said the debt funding has a project finance-like structure that could help Daystar Power in achieving its goals in Nigeria, through its highly scalable model.
On his part, Christian Wessels, who is the Co-founder and Chairman of Daystar Power, said, “We are happy to partner with SunFunder in our mission to bring clean, continuous, and affordable power to West African businesses in support of their growth and environmental goals. The support of SunFunder enables the beginning of a new phase of accelerated growth for our company.”