Nigeria's Daystar Power secures an IFC-backed $20 million facility

Nigeria-based hybrid solar power solutions provider, Daystar Power says it has closed a $20 million loan facility from the International Finance Corporation (IFC), bringing its total funding raised this year to $62 million.

The latest funding, which will enable it to continue its investments into hybrid renewable energy systems in Nigeria, follows its $38 million Series B fundraise in January 2021, and a $4 million financing for its Ghanaian subsidiary with DEG.

The company plans to expand its installed solar power capacity to 140MW by 2024, growing its client base in the financial services, manufacturing, and agricultural sectors. The company says it currently manages and operates 150 power installations in Nigeria.