Shell to Acquire Lagos-Based Solar Power Company
Shell Plc is set to acquire Lagos-based solar power solutions company, Daystar Power, as part of its agenda to drive the development of renewable energies.
Daystar Power is a West African provider of hybrid solar power solutions to commercial and industrial (C&I) businesses. The acquisition is, however, 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 400MW 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 Shell’s Executive Vice-President, Renewable Generation, Thomas Brostrøm.
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“As we do this, we’re helping to address a critical energy gap for many who currently rely on diesel generators for backup power. Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond.”
Shell earmarked $2 billion to $3 billion in capital expenditure for renewables and energy solutions in 2022.
“We have seen booming demand for solar energy in the African markets where we operate. That has been reflected in our growth: we are on-track to increase our installed solar capacity by 135% in 2022,” said CEO and Co-founder of Daystar Power, Jasper Graf von Hardenberg.
“As part of Shell we will be able to execute our mission even faster to deliver carbon emission reductions and power cost savings to businesses across Africa.”
The acquisition will allow the West African commercial and industrial (C&I) solar provider to grow its operations in the region, while expanding across the African continent.
