In January 2021, STOA acquired a 14% stake in Daystar Power, a West African player specialising in the supply of solar energy to commercial and industrial customers. This investment is part of a $38 million Series B fund raising aimed at accelerating the company’s regional expansion, particularly in Nigeria and Ghana.
Daystar addresses a critical need for energy supply in these countries. In Nigeria for example, it is estimated that 80% of electricity demand is not covered by the national grid, which is also extremely unreliable and regularly subject to outages.
What’s at stake
Providing clean, reliable and affordable energy to West African businesses
Given that limited access and unreliable electricity is identified by the World Bank as one of the main impediments to business development in Sub-Saharan Africa, the investment in Daystar will enable STOA to contribute directly to the economic development of West African countries without increasing their public spending.
Daystar provides solar or hybrid solutions (solar + batteries and/or thermal generators) to produce greener electricity for its customers, whose energy sources are mainly the local electricity grid (when it is reliable) or, in most cases, gensets. The hybrid systems offered by Daystar thus contribute to the provision of relatively decarbonated electricity, with emissions of around 270 gCO2/kWh, which is compatible with the strategy of Agence Française de Développement regarding sustainable energy transition (which sets a threshold at 500 gCO2/kWh).
In addition, the solution proposed by Daystar enables its commercial and industrial customers to make significant cost savings compared to being supplied by the local grid or by gensets. Savings in terms of expenses are estimated to be around 20 to 30%. This is a decisive factor in improving the competitiveness of West African companies.
Developing local skills
Daystar’s business is currently focused on Nigeria, but the company is also present in Ghana, Togo and Kenya.
Daystar is committed to the empowerment of its employees and recruits as much as possible within the local population, at all levels of the company’s hierarchy.
In addition, Daystar has begun to implement a series of measures to protect the health and safety of its workforce (first aid kit, Working at Height procedure, etc.). STOA intends to further support the company in this process by implementing new procedures.
- 100 MW of solar capacity deployed by 2023
- 60,000 tons. CO2 eq avoided each year 
Impact results measured in 2020
- 104 direct jobs supported
Overall impact score of the project : 1,8 / 3
 Emissions calculated using the AFD’s carbon balance method, based on total installed capacity and projected estimates over the life of the project.
« Sunray Ventures founded Daystar Power to address one of West Africa’s most significant barriers to economic development — access to reliable and affordable power. We are happy that this transaction will provide Daystar Power with the required financing to continue to lead in off-grid solar for commercial and industrial customers in West Africa,” said Christian Wessels, Co-Founder of Daystar Power and Sunray Ventures »
Christian Wessel, Co-Founder of Daystar Power and Sunray Ventures