January 14, 2021
Finnfund increases funding to Starsight, a leading C&I solar player in West Africa
Starsight, the leading Commercial and Industrial (“C&I”) solar power provider in West Africa, is delighted to announce that Finnfund and Norfund have increased their senior debt facility from 10 million USD to 20 million USD. The new funding will enable Starsight to continue to deliver its market leading energy-as-a-service hybrid solar solutions to C&I customers in Nigeria and Ghana.
Starsight, Finnfund, and Norfund closed the original 10 million USD facility in June 2019. Since then, Starsight has expanded its portfolio to over 500 sites, 36 MW of installed generating capacity, and 28 MWh of storage capacity across Nigeria and Ghana. Every Starsight client benefits from the company’s end-to-end service, 99% uptime guarantee, and freed capex, while making their businesses green and sustainable.
Tony Carr, Starsight’s CEO, commented, “We are proud of our continued relationship with our partners at Finnfund and Norfund, and we value their confidence in Starsight’s world-class team, value offering, and service reputation. As we expand from Nigeria to Ghana and beyond, this funding will be key to our ability to swiftly deploy hybrid-solar solutions to new C&I customers. Starsight is uniquely positioned to remain a market leader thanks to this backing from the Nordic DFI’s, as well as our equity investors Helios Investment Partners and Africa Infrastructure Investment Managers.”
Eero Pekkanen, Finnfund’s Senior Investment Manager, commented, “Starsight has succeeded in building a well-functioning business model by providing cleaner, cheaper, and more reliable electricity to clients across Nigeria and Ghana. It has been delightful to see the company grow from a pioneer in the C&I field to a market leader inspiring the whole industry.”
Birgit Edlefsen, Norfund’s Senior Investment Manager, added, “We are delighted to see Starsight grow and expand into new markets. By replicating its success from Nigeria into Ghana, the company has enlarged its positive impact on cutting both energy costs and climate emissions, enabling job creation while contributing to a more sustainable development. We are proud to be able to continue to support Starsight on this path.”
More information:
Eero Pekkanen, Senior Investment Manager, eero.pekkanen(a)finnfund.fi, tel. +358 40 158 9200
About Starsight
Founded in 2015, Starsight is the leading West African Commercial & Industrial (C&I) energy-as-a-service provider. It has deployed approximately 36 MW of generation assets and 28 MWh of storage at over 500 sites in all Nigerian states and Ghana. The Company’s team of highly experienced professionals provides power solutions to a diverse clientele, including banks, gas stations, schools, and large commercial agricultural companies. Starsight’s proprietary smart technology optimizes energy consumption enabling customers to significantly reduce energy costs and boost profitability without incurring any upfront expense. Starsight delivers an end-to-end service, starting with assessing a client’s energy needs to the installation and maintenance of a renewable energy solution. This is then followed by ongoing technical support. Starsight’s long-term relationships with its blue-chip clients reflect the quality of its in-house engineering, procurement, and construction services, along with the reliability of its operations, maintenance, and customer service. Together these provide customers with the peace of mind that all their power-related issues are in trustworthy hands.
Starsight has consistently maintained the highest ESG credentials and continues to reduce its customers’ carbon footprint and harmful diesel emissions. The Company is backed by Helios Investment Partners and Africa Infrastructure Investment Managers.