3 FEBRUARY 2021

Starsight Invests in UPDC’s Facility Management Business

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Lagos, 3 February 2021 – Starsight, the leading West African Commercial and Industrial (“C&I”) solar power provider, announced today that it has invested in UPDC Facility Management Limited (“UPDC FM”) – a 50/50 joint venture with UACN Property Development Company Plc (“UPDC”).

Starsight’s team of highly experienced professionals provides power solutions to a diverse clientele, including banks, gas stations, schools, and large commercial agricultural companies. UPDC’s facilities management business was established in 2001 to provide management, maintenance, and care to residential estates. The business has since grown to manage 28 residential and commercial assets across Nigeria including properties developed by UPDC as well as third parties.

Starsight has developed leading technology and a deep in-house capability for designing C&I solutions with strong energy-efficiency features. The partnership between Starsight and UPDC brings together Starsight’s strengths in sustainable power solutions and UPDC’s track record in the facilities management business. The two companies are highly complementary in nature enabling the new venture, UPDC FM, to provide a compelling offering to clients.

Tony Carr, Chief Executive Officer of Starsight commented, “We are very pleased to be partnering with UPDC on this new venture. Starsight has several years’ experience and significant cutting-edge technical know-how in distributed solar power and storage. With the strong backing of leading African Private Equity firms Helios Investment Partners and Africa Infrastructure Investment Managers, we have assisted several prominent customers to transition to more sustainable and effective power solutions by installing 36 MW of generation assets and 28 MWh of storage at over 500 sites.

“UPDC has built a strong track record and unparalleled market knowledge over two decades and remains Nigeria’s foremost real estate development firm with a profitable and scalable facilities management business. This transaction opens up a residential and commercial pipeline for solar PV potentially in excess of 10 MW and defines both companies as the market leaders in this space.”

Deborah Nicol-Omeruah, Ag. Chief Executive Officer, UPDC said: “The partnership with Starsight is aligned with UPDC’s broader strategy to strengthen and scale our facilities management portfolio, with a view towards sustainable growth and value. Expanding our service offering to include the provision of energy management solutions enables the company to increase the revenues generated in each of its existing managed properties and provides a strong basis for servicing new developments looking for more robust facility management services.

“Set on a path to profitability, we intend to increase our Facility Management footprint from 28 to 50 properties across Nigeria over the next 3 years in our bid to establish UPDC FM as the service provider of choice for individual residents and local corporates. We are confident we will achieve this with Starsight as our partners.”

ABOUT STARSIGHT
Founded in 2015, Starsight is the leading West African Commercial & Industrial (C&I) energy-as-a-service provider. It has deployed approximately 36 MW of generation assets and 28 MWh of storage at over 500 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 Africa Infrastructure Investment Managers.

www.StarsightEnergy.com
Nigeria: +234 (0) 809 489 7800
Ghana +233 (0) 200 511 100
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ABOUT UPDC PLC
UPDC PLC is a subsidiary of the Custodian Investment Plc Group and the largest real estate platform listed on the Nigerian Stock Exchange. It has been a leader in property acquisition, development, sales and management of quality and affordable residential, commercial, and retail properties in Nigeria for over 20 years. With its ambitious development strategy, UPDC will commence development of its solid pipeline of middle-income housing projects this year. The debut project under its strong new management team is a proposed residential development known as Festival Apartments in Festac, Lagos which is designed to be a 30-unit block of 2-bedroom apartments, targeted at the local middle-income market.

www.updcplc.com
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