Starsight (SPUL Sub 2 Ltd.)
Region and country of operations: Africa, Nigeria
Jurisdiction of registration: Nigeria
Business sector: De-centralised energy production
Date of agreement (month/year): 6/2019
Finnfund’s financing: USD 5,000,000
Share of Finnfund’s financing: 21%
Size of project/financing: USD 24,000,000
Environmental and social category: B
Starsight’s business model is to provide energy efficient and reliable power and cooling solutions to corporate clients using solar-battery-diesel hybrids in Nigeria, a country that regularly suffers from power outages. Starsight designs a custom plan to replace client’s current lighting and cooling solutions, which are currently heavily dependent on diesel generators. The new solution includes energy efficient equipment and replacement of the electricity generation solution by solar panels, batteries to store solar energy and a diesel generator back-up.
Main development impact
By utilizing solar energy in power production, the project replaces fossil fuels as a source of energy. Businesses in Nigeria are forced to rely heavily on diesel generators, and grid energy is mainly based on fossil fuels. The project company also invests in energy efficiency, reaching energy and cost savings.