Starsight, a leading Commercial and Industrial (C&I) solar power provider in West Africa has successfully sealed a N3.6 billion loan financing deal with the Nigeria Infrastructure Debt Fund (NIDF), and Chapel Hill Denham, a leading Investment bank. This is the first time a solar power company in Nigeria would receive this level of long-term financing.
The transaction is to help boost the use of solar-hybrid energy resources for commercial and industrial users all over Nigeria. The development of solar power in Nigeria is a major programme of the Nigerian government to provide an alternative power source in the country.
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Starsight which was founded in 2015 has recorded the completion of over 500 sites in the country. The company’s smart technology has helped boost solar energy consumption. This has made it possible for customers to substantially minimize energy costs and increase cost efficiency with no upfront expense. The company presently possesses 36MW of installed generating capacity and 28MW of storage throughout Nigeria and Ghana.
NIDF is the first and only infrastructure debt fund in Nigeria. It has a current capital base of N60bn. Since its inception in 2017, NIDF has financed over two dozen infrastructure projects.
This partnership will promote long-term development of clean energy projects in the country with sufficient financial capacity for their sustainability. ‘As the cost of clean energy solutions become more affordable, combining them with the right type of financing is the key to achieving rapid and massive expansion of these solutions in Nigeria and across Africa,’ Anshul Rai, the NIDF Chief Executive disclosed.