July 9

Daystar Power Receives $20 Million in Funding to Boost Operations in West Africa

By Joy Matthew

Nigeria-based hybrid renewable energy provider, Daystar Power, has received a $20 million investment from the International Finance Corporation(IFC), a subsidiary of the World Bank Group.

This follows an announcement made by IFC in April 2021 that they were considering giving a $20 million loan to Daystar Power.

The funding, which comes in two ways, will be used to carry out more renewable energy projects in Nigeria, where the company presently operates 150 solar power systems.

It will also advance its mission to expand its current power capacity from 29 megawatts (MW) to 140MW by 2024.

Photo courtesy of andreas160578.

Source: Techpoint Africa (link opens in a new window)

energy access, renewable energy