Home Funding Daystar Power enters Ghana after raising $10m for West Africa expansion

Daystar Power enters Ghana after raising $10m for West Africa expansion

by Milcah Lukhanyu
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Daystar Power, a solar energy firm has opened its second branch in West Africa with an office in the Ghanaian capital of Accra to save power costs, create value and contribute to the energy revolution in Ghana.

Daystar Power Ghana sees that although grid electricity is relatively stable compared to neighbouring countries, it is prohibitively expensive in Ghana and has become less reliable, increasingly forcing consumers to turn to environmentally harmful diesel generators.

According to Olaedo Osoka, Head of Daystar Power in Accra: “Our business model has allowed us to save clients up to 20% of energy costs, enabling them to channel their resources into generating additional revenue, returns and improve their environmental footprint.”

Daystar Power aims to employ, empower and train young local talent, particularly Ghanaian women. Part of its mission is promoting diversity and encouraging women to participate and lead in building Ghana’s energy future.

Conservative estimates suggest that Ghanaian businesses spend up to 20% of their operating costs on electricity, funds which could be applied towards increasing production and job creation. Daystar Power’s entry into the Ghanaian market is timely, in view of increased load shedding and anticipated tariff increases.

Recently, Daystar Power closed a $10 million investment with Verod Capital Management and Persistent Energy Capital LLC and has lined up an additional $16 million in debt financing to accelerate its expansion across West Africa. Ghana is Daystar Power’s second market after Nigeria.

Olaedo Osoka is a member of the founding team of Sunray Ventures led by Christian Wessels and Jasper Graf v. Hardenberg and was involved in the founding of Daystar Power in 2017.

Osoka studied law at the University of Essex and holds a masters of law degree with a distinction from the London School of Economics. Prior to joining Sunray Ventures, she was a lawyer in Udo Udoma & Belo-Osagie, a leading law firm in Nigeria. Osoka has an enduring passion for women empowerment and inclusion in the renewable energy transition in Africa.

“We are happy to have expanded our attractive solar power offering to Ghana, a market which suffers from high power costs. We believe our solar power solutions will help businesses across Ghana to reduce both costs and environmental footprint,” said Jasper Graf von Hardenberg, CEO of Daystar Power.

Daystar Power specializes in the generation of solar energy for medium and small-scale solar systems (20kWp to 5 MWp). The plants are either sold or made available to customers in a service fee model. The user benefits from cost savings against payment of a monthly fee.

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