Shell has made its first power sector acquisition in Africa with the purchase of a Nigerian renewable energy provider; this is in line with its mandate to halve green house emission by 2030 expand its global renewable portfolio. The acquisition will enable Daystar Power to increase its installed solar capacity to 400MW by 2025, becoming one of Africa’s leading providers of solar power solutions for commercial and industrial businesses. The deal is subject to regulatory approvals and will to address a critical energy gap for many who currently rely on diesel generators for backup power.
Shell’s Executive Vice President Speaks
Thomas Brostrøm, The Executive Vice-President, Renewable Generation, commented on the acquisition saying, “This deal marks our first power acquisition in Africa and a fundamental step for Shell in growing our presence in emerging power markets. We have had a long and established presence in West Africa and with Daystar Power, we are taking our first steps into the renewable power space. As we do this, we’re helping to address a critical energy gap for many who currently rely on diesel generators for backup power. Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond.
About Daystar Power
Daystar Power is West African commercial and industrial (C&I) solar provider Daystar, headquartered in Lagos, which provides off-grid power to commercial and industrial clients in Ghana, Nigeria, Senegal and Togo, offering solar and hybrid power solutions with battery storage. It was founded in 2017 by Jasper Graf von Hardenberg and Christian Wessels to help solve the energy crisis facing businesses with solar power. It provides solar power solutions to commercial, industrial, and agricultural businesses and claims to offer a 30 per cent reduction in energy cost. It runs over 300 power installations with an installed solar capacity of 32mw, and has a team of 140 colleagues but aims to boost capacity to 400 MW by 2025. It also plans to expand to eastern and southern Africa, a goal that is now being enabled by Shell’s acquisition of the company.
CEO of Daystar Speaks
“We have seen booming demand for solar energy in the African markets where we operate. That has been reflected in our growth: we are on track to increase our installed solar capacity by 135% in 2022,” said Jasper Graf von Hardenberg, CEO and Co-founder of Daystar Power. “As part of Shell, we will be able to execute our mission even faster to deliver carbon emission reductions and power cost savings to businesses across Africa.”
Following the acquisition Jasper Graf von Hardenberg and his team will continue running the affairs of the company achieving their growth and expansion goals with the support of Shell.
