January 15

Nigeria’s Daystar Power Secures US $38 Million Series B Investment Led by IFU

By Vallency Otieno

Daystar Power, a Nigeria-based hybrid solar power solutions provider, has secured $38 million in a Series B financing round.

The round was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI). IFU is joined by new investors STOA, a French impact infrastructure fund, Proparco, the French DFI, backed by a guarantee from the European Union under the African Renewable Energy Scale-Up facility (ARE Scale-Up) and Morgan Stanley Investment Management.

Taking into account the previous round by Verod Capital and Persistent Energy, Daystar Power has received equity investments totaling US$48 million.

Photo courtesy of andreas160578.

Source: Founder360 (link opens in a new window)

renewable energy, scale