Home Business Policies IFC to provide $20 million debt finance to Nigerian off-grid power firm

IFC to provide $20 million debt finance to Nigerian off-grid power firm

by Radarr Africa
IFC to provide $20 million debt finance to Nigerian off-grid power firm

The International Finance Corporation (IFC) has announced its plans to provide $20 million to Nigerian off-grid power service providers.  

According to Daybreak Power Solutions, a subsidiary of Daystar Power Group, the $20 million investment from IFC includes a $10 million loan that would be paid in the local currency from IFC’s account in addition to a $10 million subordinated loan from the Canada-IFC Renewable Energy Programme for Africa.

Though the investment is still undergoing regulatory approval by the IFC,  When approved, the funds will be used as part of a $40 million Phase 1 capacity expansion project.

Earlier this year, Daystar Power raised $38 million in a Series B funding from stakeholders for Developing Countries (IFU), which will be used to expand operations in the market of countries such as Nigeria and Ghana, while extending to other regional countries including Côte d’Ivoire, Senegal, and Togo.

Renewable energy combined with cleaner technologies can help replace the inefficient fossil fuel technologies that pollute the environment in the country.

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