STOA sells its stake in Daystar Power to Shell
Daystar Power, a provider of hybrid solar power solutions for commercial and industrial (C&I) businesses in West Africa, today announced its acquisition by Shell. The transaction is subject to regulatory approvals.
Since January 2021, STOA has been shareholder in Daystar following its investment in the company’s capital increase alongside IFU, Proparco and Morgan Stanley. The objective of the fundraising was to strengthen Daystar’s business in Nigeria and Ghana, and to increase its presence in other countries in the sub-region, such as Côte d’Ivoire, Senegal and Togo.
A year and a half after this investment, Shell has made an offer to acquire the entire Daystar Power business. STOA will therefore proceed with a full sale of its stake in Daystar Power.
“We are proud to have supported Daystar Power for more than 18 months and to have contributed to the strengthening of the company’s installed base, particularly in Nigeria, its regional expansion in West Africa and the raising of a US$20 million debt with IFC in July 2021,” said Marie-Laure Mazaud, Managing Director of STOA.
“We have seen a booming demand for solar energy in the African markets where we operate. This has been reflected in our growth: we are on track to increase our installed solar capacity by 135% by 2022,” said Jasper Graf von Hardenberg, CEO and co-founder of Daystar Power. “By becoming part of Shell, we will be able to execute our mission even faster to deliver carbon emission reductions and electricity cost savings to businesses across Africa.“
The investors’ consortium, led by IFU and including STOA, Proparco and Nigerian funds, welcomes the transaction with Shell as the right player to grow the business and meet the needs of West African businesses for competitive, low-carbon electricity.
Press Contacts
STOA, Anne Vallé : +33 1 58 50 13 71
Email : public-relations@stoainfraenergy.com
About STOA
Launched in 2017 by Caisse des Dépôts and Agence Française de Développement, we are a leading impact investor in infrastructure and energy. Our purpose: financing and supporting the development of sustainable and resilient infrastructure for future generations in Africa, Latin America and Asia.
Dernière mise à jour/Last update : 22/10/04
