Daystar Power to be Acquired by Shell

Lago, Nigeria - Daystar Power, a West African provider of hybrid solar power solutions to commercial and industrial (C&I) businesses, announced its acquisition by Shell. Shell will acquire Daystar Power, which is subject to regulatory approvals, to deliver carbon emission reductions and power cost savings to C&I businesses across Africa.

Daystar Power’s co-founders and management team will continue to grow its operations in its key West African markets, while expanding its presence to other African countries in East and Southern Africa. Daystar Power targets to increase its installed solar capacity to 400MW by 2025 to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.

"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.”

“This deal marks our first power acquisition in Africa and a fundamental step for Shell in growing our presence in emerging power markets", aid Thomas Brostrøm, Shell’s Executive Vice-President, Renewable Generation.

The acquisition will allow the West African commercial and industrial (C&I) solar provider to grow its operations in the region, while expanding across the African continent.

Source: IWR Online, Oct 10 2022