$4m: SunFunder makes first investment in
Nigeria with Daystar Power

Sefton Fross - SunFunder makes first investment in Nigeria with Daystar Power

Sefton Fross has advised Sunfunder – a solar finance company providing debt capital to solar enterprises in emerging markets, on its first investment in Nigeria with up to US$4million facility to Daystar Power, a commercial and industrial (C&I) solar developer. 

The investment will be used to provide solar power and energy efficiency solutions for businesses in the commercial, industrial, and agricultural sectors in Nigeria. 

 

With a recent study by Bloomberg New Energy Finance signifying that Nigeria has the largest potential for C&I solar in Africa because of the scale of the opportunity for diesel replacement, Sunfunder’s investment enables the beginning of a new phase of accelerated growth for Daystar Power. 

 

Sefton Fross’ advisory role on the transaction included conducting legal due diligence on the Nigerian Security Provider, preparation, negotiation of Transaction Documents and assistance in meeting Conditions Precedent to drawdown.