Lagos – 31st March 2021: Starsight Energy, the leading West African Commercial and Industrial (“C&I”) solar power provider, is delighted to announce market-leading performance in 2020 despite the economic uncertainty caused by the COVID-19 pandemic. Starsight’s owned sites grew by 88% and revenue grew by a record 74%.
Starsight Energy is now one of the continent’s largest independent energy and cooling-as-a-service providers delivering enterprise-grade solutions to its blue-chip clients. Over the course of 2020, Starsight added 280 sites—reaching a total of 528 sites. In addition, the Company reached 36MW of generating capacity, 28MWh of battery storage, and 13,890 HP of cooling capacity—a 110% growth across all systems over twelve months.
Backed by Helios Investment Partners and African Infrastructure Investment Managers (AIIM), two of Africa’s largest private equity firms, Starsight Energy aggressively expanded in 2020 despite a regional economic slowdown. The Company closed a 10-year NGN3.6 billion debt facility with the Chapel Hill Denham Nigeria Infrastructure Debt Fund, and Norfund and Finnfund doubled their existing debt facility with Starsight to $20 million. Starsight also expanded into Ghana bringing its model of end-to-end power and cooling services with no upfront expense to a new strategic market.
The first quarter of 2021 has continued to bring exceptionally strong demand for Starsight’s solutions – which guarantee customers 99.9% uptime while boosting their profitability and delivering sustainable energy. The Company is planning further geographical expansion across Africa as it capitalizes on its success in West Africa.
Tony Carr, CEO of Starsight Energy, commented, “for Starsight to have achieved such growth in a year as challenging as 2020 is a testament to our team’s unwavering commitment to our customers. We are very proud of the growth we have achieved but also of what we have done to serve our communities during the pandemic— beginning with the health and safety of our team, but also via pro bono work such as our powering of a hospital in Ekiti State, Nigeria to support rapid COVID-19 testing.”
“Looking forward to 2021, we are excited about our plans to bring Starsight Energy’s market-leading services to new geographies in Africa while continuing to innovate with new technologies.”
ABOUT STARSIGHT
Founded in 2015, Starsight Energy is the leading African Commercial & Industrial (C&I) energy-as-a-service provider. It has deployed 41 MW of installed generating capacity, 33 MWh of storage, and 16,320 HP in cooling capacity across 547 sites in all Nigerian states and Ghana. The Company’s team of highly experienced professionals provides power solutions to a diverse clientele, including banks, gas stations, schools, and large commercial agricultural companies. Starsight’s proprietary smart technology optimizes energy consumption enabling customers to significantly reduce energy costs and boost profitability without incurring any upfront expense. Starsight delivers an end-to-end service, starting with assessing a client’s energy needs to the installation and maintenance of a renewable energy solution. This is then followed by ongoing technical support. Starsight’s long-term relationships with its blue-chip clients reflect the quality of its in-house engineering, procurement, and construction services, along with the reliability of its operations, maintenance, and customer service. Together these provide customers with the peace of mind that all their power-related issues are in trustworthy hands.
Starsight has consistently maintained the highest ESG credentials and continues to reduce its customers’ carbon footprint and harmful diesel emissions. The Company is backed by Helios Investment Partners and African Infrastructure Investment Managers.
www.starsightenergy.com
Nigeria: +234 (0) 809 489 7800
Ghana +233 (0) 200 511 100