Starsight, a Commercial and Industrial (“C&I”) solar power provider in West Africa, has announced that Finnfund and Norfund have increased their senior debt facility from $10 million to $20 million to enable Starsight to help its expansion into Ghana.
The funding will also help it continue to deliver its energy-as-a-service hybrid solar solutions to C&I customers in Nigeria and Ghana.
According to Birgit Edlefsen, Norfund’s Senior Investment Manager, “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.”
Starsight, Finnfund, and Norfund closed the original $10 million facility in June 2019 which saw Starsight expand its portfolio to over 500 sites, 36 MW of installed generating capacity, and 28 MWh of storage capacity across Nigeria and Ghana.
“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,” said Tony Carr, Starsight’s CEO. “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.”
Founded in 2015, Starsight is a West African Commercial & Industrial (C&I) energy-as-a-service provider. It has deployed approximately 36 MW of generation assets and 28 MWh of storage at over 500 sites in Nigeria and Ghana to a diverse clientele including banks, gas stations, schools, and large commercial agricultural companies.
Starsight’s proprietary smart technology optimizes energy consumption enabling customers to significantly reduce energy costs and boost profitability without incurring any upfront expense.
Eero Pekkanen, Finnfund’s Senior Investment Manager, commented, “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.”
In December 2020, Starsight announced it had closed a N3.6 billion senior debt facility (c. $9.2 million) from Chapel Hill Denham Nigeria Infrastructure Debt Fund to support the rapid growth of climate-friendly solar-hybrid energy solutions for C&I customers across Nigeria.
