Daystar Power, a West African provider of hybrid solar power solutions for commercial and industrial (C&I) businesses, has announced the completion of its acquisition by Shell.
The company said in a statement on Friday that the transaction was completed after receiving approval from the various regulatory agencies involved.
According to Daystar Power, Shell’s acquisition of Daystar Power will strengthen its operational growth in the region while expanding across the African continent.
We are overjoyed to have reached this significant 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. We can grow faster as part of Shell, delivering clean and affordable energy to our customers, von Hardenberg added.
Because of the chronic energy gap, Sub-Saharan Africa has enormous potential as a solar market.
Daystar Power intends to increase its installed solar capacity to 400MW by 2025 to become one of Africa’s leading commercial and industrial solar power solutions providers.
The energy company will operate as a wholly owned subsidiary of Shell under its current brand as part of Shell’s Renewables & Energy Solutions business.
Daystar Power’s co-founders and management team will continue to expand its operations in key West African markets while expanding its presence across the continent.
