MON. 19 DEC, 2022-theGBJournal| Daystar Power, a West African provider of hybrid solar power solutions to commercial and industrial (C&I) businesses, has announced the completion of its acquisition by Shell following the approval of regulatory authorities.
”The acquisition will allow Daystar to grow its operations in the region, while expanding across the African continent,” Daystar management said of the deal.
The acquisition was first revealed in September, and Shell said it marked its first power acquisition in Africa.
Shell’s Executive Vice President, Renewable Generation, Thomas Brostrom said with the acquisition, Shell is helping to address a critical energy gap for many who currently rely on diesel generators for backup power.
“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.”
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.
Daystar Power 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.
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