Verod exits Daystar Power to Shell
Nigeria-based private equity firm Verod Capital Management has announced that its Verod Capital Growth Fund II has fully exited its investment in Daystar Power Group to Shell Plc.
Currently active in Nigeria, Ghana and three other West African countries, Daystar provides the industrial and commercial sectors with clean and reliable solar energy by installing and operating captive power solutions. Through its technology and systems, Daystar is able to reduce energy costs, diesel consumption and the carbon footprint for businesses with no upfront capital expenditure.
Verod first partnered with the West African solar energy producer in 2019, recognising the company’s potential to help deliver on Nigeria’s target of supplying 30% of the country’s power via renewables by 2030. Decentralised renewable capacity, particularly solar power solutions such as Daystar’s, will play a crucial role in helping to boost energy access across West Africa, narrowing the existing supply gap whilst acting as a cleaner and more affordable alternative to diesel-based power solutions.
Speaking on the exit, Daniel Adeoye, senior vice president/head of investments at Verod said, “We are pleased to have had this deeply beneficially partnership with Daystar for the past three years. During the investment period, Verod accompanied Daystar on a growth journey that saw Daystar emerge as one of the leading solar C&I players in West Africa.”
“Verod seeks to partner with companies led by strong, results-driven management teams able to grow large, sustainable enterprises and our partnership with Daystar is a prime example of this,” said Danladi Verheijen, Verod managing partner and co-founder.