West Africa can look forward to wider access to renewable energy following an investment of US$38 million in a Nigerian solar-energy provider.
Bloomberg reports that Lagos-based company Daystar Power plans to replace ‘unreliable grid or too expensive, polluting diesel generators with clean reliable power’. It expects to more than quadruple its capacity from the current 23 MW to 100 MW.
The investment – funded by the Investment Fund for Developing Countries and Morgan Stanley, among others – will enable the company to grow its operations in Nigeria and Ghana, and expand into Côte d’Ivoire, Senegal and Togo.
According to Bloomberg, Nigeria is seen as having a huge market potential for mini-grid systems and has received at least $374 million from donors for their development.
