On December 14th, 2020, Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) opened a US$9.2 million (nearly 3.6 billion Nigerian Naira) line of credit to support Starsight Power Utility's operations in Nigeria. The local company provides hybrid off-grids for factories and businesses across Africa.
In Nigeria, Starsight Power Utility will expand its operations. Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF) has just opened a line of credit of 9.2 million dollars (about 3.6 billion Nigerian naira), in favour of the Nigerian company which provides its hybrid off-grids in Africa.
The objective of this financing facility, which will extend over 10 years, is to provide clean energy to more factories and businesses in Nigeria. Starsight Power Utility’s existing portfolio in the West African country includes banks, petrol stations, schools, hospitals, agricultural enterprises and other large commercial and industrial accounts.
NIDF’s investment in Starsight Power Utility is a sign of the importance that this Nigerian domiciled infrastructure debt fund dedicated to solar energy in the process of accessing electricity is now giving to solar energy. In Nigeria, barely 56.5% of the population is supplied with electricity (World Bank report 2018). “Starsight Power Utility’s proprietary intelligent technology will therefore optimise electricity consumption, enabling customers to significantly reduce electricity costs and increase profitability without incurring upfront expenses,” says Tony Carr, CEO of Starsight Power Utility.
Starsight Power Utility’s approach
Before delivering its solution to the customer, Starsight Power Utility assesses its feasibility on site. The supplier then proceeds to install the off-grid. Starsight Power Utility also maintains the solar hybrid solutions once installed. Since its creation in 2015, the Nigerian company has deployed its off-grids at more than 500 sites in Nigeria.
In May 2020, Starsight Power Utility equipped Ikole Hospital with off-grid solar systems to improve the quality of care. The health facility is located in Ekiti State in south-western Nigeria.