West African solar energy company Daystar Power has partnered with Trine, a Swedish investment platform to finance solar power systems in West Africa. The partnership opens up investments in Daystar Power’s solar power installations, previously limited to large-scale investors, to the wider public.
Daystar Power and Trine initiated their partnership by opening a round of debt investments for a total of EUR 500,000 for Daystar Power’s latest captive power installations for commercial customers in Togo and Senegal. This financing round allows individuals and companies to invest in Daystar Power’s projects with a minimum investment amount of EUR 25.
Traditionally, investments in solar power plants in Africa have been reserved for large institutional investors. Trine and Daystar Power are changing this, by enabling individuals and companies to participate in financing the expansion of solar power. The current financing round will help Daystar Power expand its footprint of installations from Ghana and Nigeria to Togo and Senegal.
Christian Wessels, Executive Chairman of Daystar Power says: "We are excited about our partnership with Trine, as it will allow a new class of investors to invest in our solar power plants in West Africa. In Trine we have found a partner who is as passionate about impact investing and solar power as we are.”
Christoffer Falsen, CFO and co-founder of Trine: "We are happy that with Daystar Power, we have found our first partner company which is active in the commercial and industrial space of solar power. We are confident that through our loans, Daystar Power will be able to make significant contributions to protecting the environment and fostering local job creation.”
Solar power, Africa's energy transition, and the growth of the utility market in Africa will be under the lens at the 2019 Africa Utility Week, co-located with POWERGEN Africa. Here are the details.