Solar power company secures debt facility from Nigeria Infrastructure Debt Fund
Starsight, the commercial and industrial (C&I) solar power provider in West Africa, and Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) have announced the successful closing of a N3.6 billion (c. $9.2 million) senior debt facility to support the rapid growth of climate-friendly solar-hybrid energy solutions for C&I customers across Nigeria. Starsight will use the 10-year facility to substantially expand its existing portfolio that includes banks, gas stations, schools, hospitals, agricultural companies, and other large C&I customers.
The closing of the debt facility marks another major milestone for both Starsight and NIDF. It combines Starsight’s market-leading technology and deep in-house engineering capability with NIDF’s ability to provide long-term naira denominated debt financing crucial to ensuring the long-term viability of clean energy projects in Nigeria. The transaction represents the first time that a solar power-based energy company in Nigeria has been successfully backed by long-term naira financing.
Starsight has completed over 500 sites in Nigeria since 2015. The company currently has 36 MW of installed generating capacity and 28 MWh of storage across Nigeria and Ghana.
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