By Modupe Gbadeyanka
A West African provider of hybrid solar power solutions to commercial and industrial (C&I) businesses, Daystar Power, has announced the conclusion of its acquisition by Shell.
In a statement on Friday, the company said the deal was completed after securing approvals from the various regulatory agencies involved in the transaction.
Daystar Power explained that this takeover by Shell would strengthen its operational growth in the region while expanding across the African continent.
“We are thrilled about the completion of this major milestone,” said Jasper Graf von Hardenberg, CEO and co-founder of Daystar Power.
“Given the urgency of the energy crisis and the pressure on businesses across Africa, we are deeply committed to our mission to reduce energy costs and carbon emissions. As part of Shell, we can grow faster in delivering clean and affordable energy to our customers,” von Hardenberg added.
Sub-Saharan Africa has abundant potential as a solar market, which is expected to grow due to the chronic energy gap.
Daystar Power aims 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.
The energy firm will operate as a wholly owned subsidiary of Shell under its existing brand within Shell’s Renewables & Energy Solutions business.
Daystar Power’s co-founders and management team will continue to grow its operations in key West African markets while expanding the company’s presence to other countries across the continent.
Adedapo Adesanya