January 9, 2020
For a fixed monthly fee, Starsight Power Utility 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.
Background
Norfund and Finnfund have signed a 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 in Nigeria.
With the additional funding from Norfund and Finnfund, Starsight will install its 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”
Damilola Agbaje, Director at Starsight and Investment Principal at African Infrastructure Investment Manager
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.
“Together, we are reimagining power provision to key employers in the Nigerian economy”
Damilola Agbaje, Director at Starsight and Investment Principal at African Infrastructure Investment Manager