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Shell Buys First Africa Based Solar Company, Daystar Power

Staff Writer by Staff Writer
October 3, 2022
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Shell Buys First Africa Based Solar Company, Daystar Power
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In an effort to cut greenhouse gas emissions and focus on renewable energy, Daystar Power has announced its acquisition by Shell, an international energy company.

Daystar announced in a statement Wednesday that the takeover awaits regulatory approval and will enable Shell’s renewable solutions business to deliver carbon emission reductions and power cost savings to commercial and industrial businesses across Africa.

With the acquisition, Shell seeks to address a critical energy gap for many who currently rely on diesel generators for backup power.

This acquisition is coming after Shell acquired two other renewable businesses: Spring Energy in April and Savion last December. And according to Shell’s executive vice president, Renewable Generation, Thomas Brostrøm Daystar’s acquisition is “a fundamental step for Shell in growing our presence in emerging power markets”.

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Per Reuters, the oil giant earmarked up to $3 billion for its capital expenditure for renewables and energy solutions in 2022.

Shell’s acquisition of Daystar Power could boost the energy company’s expansion plans

While renewable energy was only 6% of the company’s revenue in Q2 2022, Daystar Power CEO Jasper Graf von Hardenberg said, “we have seen booming demand for solar energy in the African markets where we operate.”

Daystar Power Cofounder Christian Wessel also explained that Shell would share its market know-how, technology and resources to help Daystar provide a comprehensive power solution. Currently, Daystar provides solar and fossil fuel power in a hybrid setup and energy storage in the form of batteries and gas generators, but it is looking to expand its offerings with Shell’s support. “Now, with Shell, we have a strong partner to offer solar and gas solutions in the market. Nigeria needs much more power. And with Shell as a partner, I think we can make this happen,” Christian Wessel said.

Read also: More African Countries To Enjoy Solar-Powered Internet From Tizeti

Interestingly renewable energy in Africa is set to make up about half of power generation growth in the sub-Saharan parts of the continent by 2040.

The Chief Executive Officer of Daystar, Jasper Graf von Hardenberg, said his company needed to raise more money to meet growing demand but opted to sell to Shell due to the company’s strong balance sheet and long history in Africa.

He added that Shell’s acquisition will help Daystar increase its installed solar capacity to 400mw by 2025 from 32mw and also expand services beyond Nigeria to East and Southern Africa, where it is seeing increasing demand from South Africa. “As part of Shell, we will be able to execute our mission even faster,” he said.

Daystar Power is present in Ghana, Nigeria, Senegal, and Togo and received $20 million in funding last year to boost its operations.

It provides solar power solutions to commercial, industrial, and agricultural businesses and claims to offer a 30 per cent reduction in energy cost.

Upon conclusion of the deals, Daystar said it aims to broaden its services to companies by offering standalone solar or hybrid solutions, including gas generators.

Shell has had oil problems but targets the green shift

Shell’s African history includes being the first company to begin oil exploration in Nigeria more than half a century ago. Its joint venture partnerships with Nigeria’s state oil company have helped Nigeria develop into one of the world’s largest oil-producing countries and maintain a steady status as Africa’s largest economy.

But unresolved trails of oil spills in the Niger Delta have also wrecked livelihoods, fueling backlash from youths who have sometimes resorted to arms bearing to draw attention to their devastated local communities. The best-known scandal linked to the spills by oil companies was the 1995 hanging of Nigerian environmental activist Ken Saro-Wiwa by the military regime for protesting oil pollution by major oil companies in his community, Ogoniland.

Last year, Shell paid a community $111 million to settle a spill from the 1970s even as it maintained other entities caused the incident. The company wants to sell its onshore oil assets though that process is currently suspended due to another unresolved oil spill.

US, Nigeria agree to deploy gas in push for renewable energy

But as it has fought the negative reputation that has come with its oil business, Shell has positioned itself as a renewables-friendly company in Nigeria. All On, its impact investing vehicle, has funded nearly two dozen renewable energy companies in a mix of debt and equity investments. All On had not invested in Daystar Power, whose operations also extend to Ghana, Togo and Senegal with 32 megawatts of installed solar capacity.

Buying Daystar Power is Shell’s plan to “address a critical energy gap for many who currently rely on diesel generators for backup power,” said Thomas Brostrøm, Shell’s vice president for renewable generation. Diesel prices doubled in Nigeria in the first quarter of this year and have remained high, exerting a great toll on businesses.

It is no news that businesses in its base in Nigeria suffer from erratic power supply and incessant power grid collapse, which is seeing an increasing number of them seek alternative power such as solar power.

“We’re helping to address a critical energy gap for many who currently rely on diesel generators for backup power. Daystar Power has a loyal customer base and a promising growth outlook, and by combining our efforts and expertise, I believe we can make a real difference in the energy transition for West Africa and beyond,” Brostrøm concluded.

Tags: Daystar PowerShellSolar Company
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