Economy

Daystar Power Partners Trine to Light up West Africa With Solar

Published

7 years ago

09/05/2019

By Modupe Gbadeyanka

One of the major challenges faced by West Africa countries is electricity. For year, Nigeria, which is the region’s largest economy, has been unable to provide electricity to its citizens despite having resources to do so.

One company that has taken it upon itself to solve the problem is Daystar Power, a leading solar energy firm in West Africa.

The company recently partnered with a Swedish investment platform known as Trine to finance solar power systems in West Africa.

The partnership opens up investments in Daystar Power’s solar power installations, previously limited to large-scale investors, to the wider public.

Daystar Power and Trine initiated their partnership by opening a round of debt investments for a total of €500,000 for Daystar Power’s latest captive power installations for commercial customers in Togo and Senegal. This financing round allows individuals and companies to invest in Daystar Power’s projects with a minimum investment amount of €25.

Traditionally, investments in solar power plants in Africa have been reserved for large institutional investors.

Trine and Daystar Power are changing this, by enabling individuals and companies to participate in financing the expansion of solar power. The current financing round will help Daystar Power expand its footprint of installations from Ghana and Nigeria to Togo and Senegal.

Commenting on the development, Executive Chairman of Daystar Power, Christian Wessels, stated that, “We are excited about our partnership with Trine, as it will allow a new class of investors to invest in our solar power plants in West Africa. In Trine we have found a partner who is as passionate about impact investing and solar power as we are.”

Christoffer Falsen, CFO and co-founder of Trine: “We are happy that with Daystar Power, we have found our first partner company which is active in the commercial and industrial space of solar power. We are confident that through our loans, Daystar Power will be able to make significant contributions to protecting the environment and fostering local job creation.”

Daystar Power is a pan-African electricity company specializing in the generation of solar energy, with a focus on medium and small-scale solar systems (20kWp to 5 MWp). The plants are either sold or made available to customers in a service fee model.

The user benefits from cost savings against payment of a monthly fee, from ensuring a stable power supply, emission-free energy production and the efficient energy management. Unlike many other international solar companies, Daystar Power has established local technical units that provide a high level of service.

Sunray Ventures is an African Venture Builder with locations in Lagos, Frankfurt and Dubai. Sunray Ventures is focusing on building and scaling high-growth companies which generate profit, whilst creating environmental and socio-economic impact in their respective industries. Sunray Ventures and their owners Christian Wessels and Jasper Graf von Hardenberg have founded Daystar Power in 2017.

Trine makes it easy for people to invest in solar energy where it has the most impact. Innovative companies get the injection of capital they need to create a greener future. Trine investors get a triple return on investment – earn a profit while making social and environmental impact.

Trine investors have injected €19 million into 27 different companies, resulting in an estimated impact of 400,000 people gaining access to electricity with 31,000 tons of CO2 emissions avoided. Investors have been repaid €2.8 million to date.

Economy

PenCom Extends Deadline for Pension Recapitalisation to June 2027

Published

8 hours ago

19/12/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The deadline for the recapitalisation of the Nigerian pension industry has been extended by six months to June 2027 from December 2026.

This extension was approved by the National Pension Commission (PenCom), the agency, which regulates the sector in the country.

Addressing newsmen on Thursday in Lagos, the Director-General of PenCom, Ms Omolola Oloworaran, explained that the shift in deadline was to give operators more time to boost the capital base, dismissing speculations that the exercise had been suspended.

“The recapitalisation has not been suspended. We have communicated the requirements to the Pension Fund Administrators (PFAs), and we expect every operator to be compliant by June 2027. Anyone who is not compliant by then will lose their licence,” Ms Oloworaran told journalists.

She added that, “From a regulatory standpoint, our major challenge is ensuring compliance. We are working with ICPC, labour and the TUC to ensure employers remit pension contributions for their employees.”

The DG noted that engagements with industry operators indicated broad acceptance of the policy, with many PFAs already taking steps to raise additional capital or explore mergers and acquisitions.

“You may see some mergers and acquisitions in the industry, but what is clear is that the recapitalisation exercise is on track and the industry agrees with us,” she stated.

PenCom wants the PFAs to increase their capital base and has created three categories, with the first consists operators with Assets Under Management of N500 billion and above. They are expected to have a minimum capital of N20 billion and one per cent of AUM above N500 billion.

The second category has PFAs with AUM below N500 billion, which must have at least N20 billion as capital base.

The last segment comprises special-purpose PFAs such as NPF Pensions Limited, whose minimum capital was pegged at N30 billion, and the Nigerian University Pension Management Company Limited, whose minimum capital was fixed at N20 billion.

Economy

Three Securities Sink NASD Exchange by 0.68%

Published

8 hours ago

19/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Three securities weakened the NASD Over-the-Counter (OTC) Securities Exchange by 0.68 per cent on Thursday, December 18.

According to data, Central Securities Clearing System (CSCS) Plc led the losers’ group after it slipped by N2.87 to N36.78 per share from N39.65 per share, Golden Capital Plc depreciated by 77 Kobo to end at N6.98 per unit versus the previous day’s N7.77 per unit, and FrieslandCampina Wamco Nigeria Plc dropped 19 Kobo to sell at N60.00 per share versus Wednesday’s closing price of N60.19 per share.

At the close of business, the market capitalisation lost N16.81 billion to finish at N2.147 billion compared with the preceding session’s N2.164 trillion, and the NASD Unlisted Security Index (NSI) declined by 24.76 points to 3,589.88 points from 3,614.64 points.

Yesterday, the volume of securities bought and sold increased by 49.3 per cent to 30.5 million units from 20.4 million units, the value of securities surged by 211.8 per cent to N225.1 million from N72.2 million, and the number of deals jumped by 33.3 per cent to 28 deals from 21 deals.

Infrastructure Credit Guarantee Company (InfraCredit) Plc remained the most traded stock by value with a year-to-date sale of 5.8 billion units valued at N16.4 billion, followed by Okitipupa Plc with 178.9 million units transacted for N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.

Similarly, InfraCredit Plc ended as the most traded stock by volume on a year-to-date basis with 5.8 billion units traded for N16.4 billion, trailed by Industrial and General Insurance (IGI) Plc with 1.2 billion units sold for N420.7 million, and Impresit Bakolori Plc with 536.9 million units exchanged for N524.9 million.

Economy

NGX Index Crosses 150,000 points as Market Cap Nears N96trn

Published

8 hours ago

19/12/2025

Dipo Olowookere

By Dipo Olowookere

The All-Share Index (ASI) of the Nigerian Exchange (NGX) Limited has again crossed the 150,000-point threshold on Thursday as the demand of for local intensifies.

The market was up by 0.35 per cent during the session, with the NGX index inching higher by 520.23 points to 150,363.05 points from the previous day’s 149,842.82 points and the market capitalisation climbed by N332 billion to N95.857 trillion from N95.525 trillion.

During the session, the consumer goods index grew by 1.23 per cent, the banking counter expanded by 0.56 per cent, and the energy sector appreciated by 0.05 per cent.

However, the insurance industry went down by 0.23 per cent, while the commodity and the industrial goods sectors closed flat.

Nestle Nigeria gained 10.00 per cent to trade at N1,958.00, Guinness Nigeria improved by 9.98 per cent to N289.70, Aluminium Extrusion Industries rose by 9.76 per cent to N11.25, DAAR Communications soared by 9.20 per cent to 95 Kobo, and Mecure Industries surged by 9.13 per cent to N55.00.

On the flip side, Stanbic IBTC lost 9.33 per cent to settle at N95.20, Lasaco Assurance went down by 9.09 per cent to N2.50, Africa Prudential slipped by 8.82 per cent, Austin Laz depreciated by 8.82 per cent to N12.40, and Sterling Holdings crashed by 6.12 per cent to N6.90.

There were 35 price gainers and 26 price losers yesterday, implying a positive market breadth index and bullish investor sentiment.

During the session, a total of 839.8 million equities valued at N32.8 billion exchanged hands in 23,211 deals compared with the 5.9 billion equities worth N216.2 billion traded in 25,205 deals a day earlier, indicating a decline in the trading volume, value, and number of deals by 85.77 per cent, 84.83 per cent, and 7.91 per cent apiece.

The day’s busiest stock was First Holdco with a turnover of 385.6 million units sold for N15.6 billion, FCMB traded 76.0 million units worth N805.3 million, Lasaco Assurance exchanged 43.6 million units valued at N111.8 million, Access Holdings transacted 29.6 million units worth N616.8 million, and Chams sold 24.8 million units valued at N75.4 million.