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Subject to regulatory approval, Shell Petroleum Development Company is set to acquire Daystar Power.
Daystar Power, which is a leading provider of hybrid solar power solutions for commercial and industrial (C&I) centers in West Africa, announced the potential acquisition in a press release.
According to the energy supplier, the acquisition will help Daystar Power continue its growth in West Africa while expanding its presence to other African countries in East and Southern Africa.
The Lagos-based company aims to increase its installed solar capacity to 400 MW by 2025.
Daystar Power currently has an installed solar capacity of 32 megawatts (MW).
This could make Daystar Power one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.
Daystar CEO Jasper Graf von Hardenberg has revealed that Daystar Power needs more capital to expand its operations to meet growing demand for solar power and Shell’s choice as the new parent company comes to the right moment.
Jasper further said that Shell’s strong balance sheet and long history in Africa will help take Daystar to a new high.
On the other hand, Shell’s Executive Vice President, Renewable Generation, Thomas Brostrøm, noted that the deal will be Shell’s first power acquisition in Africa.
He further noted that the deal is a fundamental step for Shell in strengthening its presence in the emerging electricity market.
“We have a long-established presence in West Africa and with Daystar Power we are taking our first steps into the field of renewable energy,” he said.
“Daystar Power has a loyal customer base and promising growth prospects, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond. ” Shell’s executive vice president concluded.
king of investors learned that Daystar Power is currently present in Nigeria, Ghana, Senegal and Togo. The company also received $20 million in funding last year to boost its operations.