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Shell acquires Nigerian solar firm, Daystar

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OIL giant, Shell has today acquired Daystar Power, a Lagos and West African provider of hybrid solar power solutions to commercial and industrial (C&I) businesses.

This acquisition, subject to regulatory approvals, is to deliver carbon emission reductions and power cost savings to C&I businesses across Africa, according to a statement on the firm’s website.

The acquisition fee is undisclosed.

Daystar, following this development, has begun to target an increase of its installed solar capacity to 400 megawatts by 2025 to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.

The Chief Executive Officer (CEO) and co-founder of Daystar Power, Jasper Graf von Hardenberg, noted that there has been a demand for their product in the markets they operate.

Hardenberg said, “We have seen booming demand for solar energy in the African markets where we operate. That has been reflected in our growth: we are on-track to increase our installed solar capacity by 135 per cent in 2022.

“As part of Shell, we will be able to execute our mission even faster to deliver carbon emission reductions and power cost savings to businesses across Africa,” he said.

Shell’s Executive Vice-President, Renewable Generation, Thomas Brostrøm, described the deal as the company’s first power acquisition in Africa and a fundamental step for Shell in emerging power markets.

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“As we do this, we’re helping to address a critical energy gap for many who currently rely on diesel generators for back-up power. Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond,” Bostrøm remarked.

Shell will fully own Daystar, but von Hardenberg and the management team will continue to run the company as it continues to expand across the African continent.

Daystar Power was founded in 2017 by Jasper Graf von Hardenberg and Christian Wessels to help solve the energy crisis facing businesses with solar power.

In 2021, it received a $20 million investment from the International Finance Corporation(IFC), a subsidiary of the World Bank Group, to enable it carry out more renewable energy projects in Nigeria, where the company presently operates 150 solar power systems.

Today, the firm is present in four countries (Nigeria, Ghana, Senegal and Togo), runs over 300 power installations with an installed solar capacity of 32mw, and has a team of 140 colleagues.

This Shell investment is the first of many as it seeks to halve greenhouse gas emissions by 2030.

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Experienced Business reporter seeking the truth and upholding justice. Covered capital markets, aviation, maritime, road and rail, as well as economy. Email tips to jolaoluwa@icirnigeria.org. Follow on Twitter @theminentmuyiwa and on Instagram @Hollumuyiwah.

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