Starsight, a C&I Solar player in West Africa is set to expand its investment in Nigeria as the firm receives more funds to deepen its portfolio in the sub region.
This follows the decision by Finnfund and Norfund to increase their senior debt facility from $10m to $20m to Starsight.
The new funding will enable Starsight to continue to deliver its market leading energy-as-a-service hybrid solar solutions to C&I customers in Nigeria and Ghana.
Eero Pekkanen, Finnfund’s Senior Investment Manager, said: “Starsight has succeeded in building a well-functioning business model by providing cleaner, cheaper, and more reliable electricity to clients across Nigeria and Ghana. It has been delightful to see the company grow from a pioneer in the C&I field to a market leader inspiring the whole industry.”
Birgit Edlefsen, Norfund’s Senior Investment Manager, added: “We are delighted to see Starsight grow and expand into new markets. By replicating its success from Nigeria into Ghana, the company has enlarged its positive impact on cutting both energy costs and climate emissions, enabling job creation while contributing to a more sustainable development. We are proud to be able to continue to support Starsight on this path.”
The original $10m debt facility was closed in June 2019.
Since then, Starsight has expanded its portfolio to over 500 sites, 36 Megawatts, MW of installed generating capacity, and 28 MWh of storage capacity across Nigeria and Ghana.
Every Starsight client benefits from the company’s end-to-end service, 99 per cent uptime guarantee, and freed capex, while making their businesses green and sustainable.
Tony Carr, Starsight’s CEO, said: “We are proud of our continued relationship with our partners at Finnfund and Norfund, and we value their confidence in Starsight’s world-class team, value offering, and service reputation.
As we expand from Nigeria to Ghana and beyond, this funding will be key to our ability to swiftly deploy hybrid-solar solutions to new C&I customers. Starsight is uniquely positioned to remain a market leader thanks to this backing from the Nordic DFI’s, as well as our equity investors Helios Investment Partners and Africa Infrastructure Investment Managers.”