- Verod Capital Management moves investment to Shell.
- Verod collaborates with West African solar producers to contribute to Nigeria’s energy goal.
Verod Capital Management, via its Verod Capital Growth Fund II has fully exited from its investment in Daystar Power Group to Shell.
Daystar operates captive power solutions that can integrate solar power, battery storage, the electrical grid, and backup generators for commercial, industrial, and agricultural clients. These captive power solutions are installed and operated in Nigeria, Ghana, and other West African nations.
With no up-front capital investment, Daystar’s technologies and systems may help businesses lower their energy expenditures, diesel usage, and carbon impact.
To help Nigeria meet its goal of producing 30% of the country’s power from renewable sources by 2030, Verod first teamed with the West African solar energy producer in 2019.
Decentralized renewable energy sources, especially solar power systems like Daystar’s, will be vital in boosting electricity availability throughout West Africa by closing the current supply gap and serving as a more environmentally friendly and cost-effective substitute for diesel-based power systems.
“Verod’s investment thesis in Daystar was anchored on the demand/supply gap of West Africa’s energy needs, the rising cost of alternative power options and their associated environmental impact. Daystar offered a compelling, cost-effective, cleaner alternative. Verod is committed to supporting environmental sustainability and creating equitable and inclusive societies. We are thus proud to have supported Daystar in achieving this across West Africa and beyond.”