Shell acquires Daystar Power
Africa: Daystar Power, a West African provider of hybrid solar power solutions, has announced its acquisition by Shell.
Image source: ESI Africa
Africa: Daystar Power, a West African provider of hybrid solar power solutions, has announced its acquisition by Shell.
Shell will acquire Daystar Power, subject to regulatory approvals, to deliver carbon emission reductions and power cost savings to C&I businesses across Africa.
Daystar Power’s co-founders and management team will continue to grow its operations in its key West African markets, while expanding its presence to other African countries in East and Southern Africa. Daystar Power targets to increase its installed solar capacity to 400 MW by 2025 to become one of Africa’s leading providers of solar power solutions for commercial and industrial businesses.
“This deal marks our first power acquisition in Africa and a fundamental step for Shell in growing our presence in emerging power markets. We have had a long and established presence in West Africa and with Daystar Power, we are taking our first steps into the renewable power space,” said Thomas Brostrøm, Shell’s Executive Vice-President, Renewable Generation.
The acquisition will allow the West African C&I solar provider to grow its operations in the region, while expanding across the African continent.
Source: ESI Africa
#acquisition#Africa#Daystar Power#hybrid solar power solutions#Shell