Yemisi Izuora
The West African solar energy company, Daystar Power, has announced a partnered with Trine a Swedish investment platform to finance solar plants in West Africa.
The partnership opens up investments in Daystar Power’s solar power installations, previously limited to large-scale investors, to the wider public.
Daystar Power and Trine initiated their partnership by opening a round of debt investments for a total of €500,000 ($559,878) for Daystar Power’s latest captive power installations for commercial customers in Togo and Senegal.
The current financing round will help Daystar Power expand its footprint of installations from Nigeria and Ghana to Togo and Senegal.
Christian Wessels, executive chairman of Daystar Power, commented: “We are excited about our partnership with Trine, as it will allow a new class of investors to invest in our solar power plants in West Africa. In Trine, we have found a partner who is as passionate about impact investing in solar power.
Traditionally, investments in solar power plants in Africa have been reserved for large institutional investors.
However, this partnership is changing the norm by enabling individuals and companies to participate in financing the expansion of solar power.
Christoffer Falsen, CFO and co-founder of Trine, added: “We are happy that with Daystar Power, we have found our first partner company which is active in the commercial and industrial space of solar power.
“We are confident that through our loans, Daystar Power will be able to make significant contributions to protecting the environment and fostering local job creation.”