- Oil giant Shell to acquire Daystar Power
- The acquisition is subject to regulatory approvals
- The acquisition is expected to grow C&I businesses across Africa
- The co-founder and management of Daystar Power to continue growing operations in key West African markets
West African provider of hybrid solar power solutions to commercial and industrial (C&I) businesses, Daystar Power, announced that it is being acquired by oil giant Shell. The main intention behind this acquisition, which is subject to regulatory approvals, is to reduce carbon emission and to save the cost of power to C&I businesses across Africa.
Reacting to this development, CEO and Co-founder of Daystar Power Jasper Graf von Hardenberg said, “We have seen booming demand for solar energy in the African markets where we operate. That has been reflected in our growth and we are on-track to increase our installed solar capacity by 135% in 2022.”
After the acquisition, the co-founders and management team of Daystar Power will continue to focus on expanding its operations in key West African markets, and also grow its presence in East and Southern Africa. The aim of Daystar Power is to become one of Africa’s leading providers of solar power solutions for C&I businesses by increasing its installed solar capacity to 400 MW by 2025.
For Shell, this is the first acquisition in Africa and marks an important milestone in its expansions across African regions.
Voicing his opinion, Shell’s Executive Vice-President Thomas Brostrøm said, “We have had a long and established presence in West Africa and with Daystar Power, we are taking our first steps into the renewable power space. As we do this, we’re helping to address a critical energy gap for many who currently rely on diesel generators for backup power. Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition, for West Africa and beyond.”
Shell has been on a shopping spree in the energy transition segment. In April, Shell looked into expanding its renewables footprint in India with the acquisition of Solenergi Power Private Limited, the flagship company of Sprng Energy platforms, from Actis Solenergi — both for a total of $1.55 billion (see Actis to Sell Renewables Platform To Shell). And last December, Shell New Energies US had signed an agreement with Macquarie’s GIG to acquire Savion LLC (see Macquarie’s GIG Selling Savion In US).