This deal adds to the $62m the company has raised this year. This latest deal will see the company get a $10m loan in local currency from the IFC and another $10m from Canada-IFC Renewable Energy.
The IFC will allocate the funds to its Nigerian subsidiary which will use the funds to expand its solar services offerings.
“This facility is a major milestone for us. The funds will allow us to grow our installed capacity of solar projects and serve more Nigerian businesses needing clean and affordable power. But we gain more than just capital. IFC brings a wealth of in-depth knowledge of renewable energy projects and project finance in emerging markets. We’re delighted to work with them,” said Jasper Graf von Hardenberg, CEO and Co-founder of Daystar Power.
Daystar Power plans to increase its solar energy portfolio to 140MW by 2024.
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