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Starsight has obtained an increase in its line of credit granted by the FinnFund and Norfund.
- This expansion will enable Starsight to expand its portfolio in Ghana and Nigeria.
- Starsight had also obtained a ₦3.6 billion from the Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF)
Starsight, a commercial and industrial (C&I) solar energy provider, is set to receive a boost in its activities in West Africa. The company will see its available line of credit increased from $10 million to $20 million. This extension is being provided by its initial partners, FinnFund, a finish development financier; and the Norwegian government-private equity firm, Norfund.
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This extension is due to Starsights’s health balance sheet. Over the past five years, the company has installed off-grid solar power plants in over 500 sites with a total capacity of 36MW and 28MWh energy storage capacity. According to Starsight, this new financing will fund new solar PV projects in Nigeria and Ghana.
Birgit Edlefsen, Norfund’s Chief Investment Officer noted the fund is proud to continue supporting Starsight as its successes in Nigeria to Ghana have broadened its positive impact on reducing energy costs and CO2 emissions, enabling job creation while contributing to more sustainable development.
Starsight had earlier signed an agreement for a line of credit for ₦3.6 billion (over $9 million) with Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF). The credit facility which has a 10-year draw period will enable Starsight to expand its portfolio in Nigeria.