Charles Russell Speechlys advised Daystar Power on the deal.
The round was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI). IFU is joined by new investors STOA, a French impact infrastructure fund, Proparco, the French DFI, backed by a guarantee from the European Union under the African Renewable Energy Scale-Up facility (ARE Scale-Up) and Morgan Stanley Investment Management. Taking into account the previous round by Verod Capital and Persistent Energy, Daystar Power has received equity investments totalling $48 million.
Daystar Power is a leading provider of hybrid solar power solutions to businesses in West Africa.
This fundraise enables Daystar Power to continue to enhance its digital offerings, to expand its local teams and to grow its operations in its key markets of Nigeria and Ghana, while deepening its presence in other regional countries such as Côte d’Ivoire, Senegal and Togo.
The Charles Russell Speechlys team was led by Corporate Partner Adrian Mayer (Picture) with the support of Corporate Associate Edidem Basiekanem.
Law Firms: Charles Russell Speechlys;
Clients: Daystar Power;