For a fixed monthly fee, Starsight Power Utility Ltd offers Nigerian companies access to stable, low cost electricity. Starsight’s solution will cut the customer’s use of fossil fuels by up to 70% thanks to improved energy efficiency and the use of solar power.
Norfund and Finnfund have signed a pioneering 10 million US dollar long-term senior debt financing to Starsight Power Utility Limited group.
Starsight offers solar-diesel-battery hybrid generation and efficient cooling and lighting solutions to commercial and industrial clients throughout Nigeria.
“A reliable and stable electricity supply is crucial to economic and job creation”, says EVP for Clean Energy in Norfund, Mark Davis.
“Starsight offers an innovative solution for increased access to renewable and stable energy in Nigeria. For a fixed monthly fee, the customers get access to low cost electricity and at reduce their consumption of the more expensive fossil fuels”, says Mark Davis.
With the additional funding from Norfund and Finnfund, Starsight will install its innovative solar power generation systems across a portfolio of several hundred commercial bank branches in Nigeria.
“We are pleased to partner with Norfund and Finnfund at the forefront of our bid to deliver improved energy reliability, cost savings and environmental benefits to Nigeria’s commercial and industrial power consumers”, says Damilola Agbaje, Director at Starsight and Investment Principal at African Infrastructure Investment Managers.
“Together, we are reimagining power provision to key employers in the Nigerian economy,” says Agbaje at Starsight
The debt financing of Starsight is one of Norfund’s first steps into the energy market in Nigeria. Starsight is backed by Helios Investment Partners and the African Infrastructure Investment Managers, the largest Africa-focused, private equity and infrastructure investment firms.
For more information:
Inger Nygaard, Communication Manager, firstname.lastname@example.org, tlf +47 47701248