- Shell Plc buys hybrid solar power solutions provider Daystar Power as its first power acquisition in Africa.
- Shell Plc to deliver carbon emission reductions and power cost savings to businesses across Africa.
Shell Plc, a major player in the oil and gas industry has agreed to acquire Nigeria-based hybrid solar power solutions provider Daystar Power in a deal marking its first power acquisition in Africa. The financial terms of the transaction, which hinges on regulatory clearances, have not be disclosed.
Daystar Power, founded in 2017, is an off-grid solar installer serving commercial and industrial customers in West Africa. The Lagos-based company is present in four countries and runs over 300 power installations with an installed solar capacity of 32 MW. It targets to increase its installed capacity to 400 MW by 2025.
The acquisition will allow Shell Plc to deliver carbon emission reductions and power cost savings to commercial and industrial businesses across Africa amid booming demand for solar energy in the local markets. The agreed deal is seen to help Daystar Power grow its operations in the region while expanding across the African continent.