Nigerian startup Daybreak gets $20m loan from IFC to expand in Togo, among others

Public Management

Wednesday, 05 May 2021 12:58

Nigerian startup Daybreak gets $20m loan from IFC to expand in Togo, among others

(Togo First) - Last week, the International Finance Corporation approved a $20 million loan for Daybreak Power Solutions, a subsidiary of Daystar Power Group. The monies should facilitate the expansion of the Nigerian hybrid solar power supplier in Togo and two other countries in the sub-region.

In detail, the facility “consists of a $10 million loan in the local currency (ed.note: naira), provided by IFC. The second part will be a subordinate loan of $10 million falling under the IFC’s Renewable Energy for Africa program.”

While the entity plans to raise $100 million over the next three years, it has already managed to raise $38 million in Series B financing from several investors.

Daystar’s arrival in Togo occurs at a time when the Togolese government, under its national electrification strategy, is mustering efforts to achieve universal power coverage by 2030.

The Nigerian startup is fully owned by the Daystar Group whose main sponsoring shareholder is Sunray Group (19.65%). The latter is the investment vehicle of the group’s founders Christian Wessels and Jasper Graf von Hardenberg. Other shareholders include European development finance institutions such as IFU (28.51%) and PROPARCO (6.62%), STOA (14.26%), Oreon MLI (19.70%), a venture capital firm that actively invests in West Africa, Climate Impact Solutions Fund LP (4.99%) and Avatown Holdings (4.90%).

Daystar, which currently has an installed solar capacity of 8.1 MWp across 156 sites, wants to install 140 MWp of solar capacity by 2024 via a four-year investment program in the sub-region, phased based on the funds it secures, Togo First learned.

Daniel Agbenonwossi (intern)

REFORMS OVERVIEW

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At the fifteenth position, worldwide, and first in Africa, under the Starting a Business index of the 2020 Doing Business ranking, Togo sustains its reformative dynamics with more reforms….

ENFORCING CONTRACTS (more info)

Compared to some years ago when it was one of the lowest rankers under the Doing Business’ Enforcing Contracts indicator, Togo, leveraging many efforts to improve its business climate, was able to jump significantly on the index in the recent years... .

CONTRACT EXECUTION (more info)

Creation of special chambers of commerce for small debts • Creation of chambers of commerce at the Court of Appeal • Civil and commercial cases now handled by distinct clerks • Establishment of commercial courts in Lomé and Kara • Lawyers and bailiffs now have access to the FORSETI COMMERCIAL platform • A maximum period of 100 days was fixed to settle a commercial dispute .

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In comparison to previous years,Togo has significantly improved its ranking under the“Trading across borders” indicator by adopting multiple reforms that focus mainly on the digitization and reduction in delays, for import and export procedures related to import and export.

In comparison to previous years, Togo has significantly improved its ranking on the “Trading across borders” index by adopting multiple reforms that focus mainly on the digitalization and reduction in delays, for import and export procedures related to import and export.

CONSTRUCTION PERMIT (more info)

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PUBLIC PROCUREMENT (more info)

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