Starsight gets $10 million funding to expand solar power solutions in Nigeria, Ghana

A Helios-backed solar power solutions firm, Starsight Energy, said it has obtained a $10 million financing that would enlarge its current senior debt facility in a bid to scale up its generation capacity and services in the Nigerian and Ghanaian markets.

The on-grid and off-grid energy services provider would have its existing debt with Finnfund and Oslo-based Norfund – two European development financiers with interest in developing countries – increased by 100 per cent to $20 million, Helsinki-based Finnfund said Thursday in a website statement.

“As we expand from Nigeria to Ghana and beyond, this funding will be key to our ability to swiftly deploy hybrid-solar solutions to new C&I customers,” said Starsight chief, Tony Carr.

“Starsight is uniquely positioned to remain a market leader thanks to this backing from the Nordic DFI’s, as well as our equity investors Helios Investment Partners and Africa Infrastructure Investment Managers.”

The three parties struck the original $10 million deal in 2019, which has helped Starsight widen its reach to more than 500 sites, 36 megawatt of installed generating capacity and 28 megawatt hour.

The new funding…