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Shell buys Lagos-based renewable company Daystar



Shell buys Lagos-based renewable company Daystar

Royal Dutch Shell has announced the acquisition of Nigeria-based hybrid renewable energy provider Daystar Power for an undisclosed amount.

The acquisition is part of Shell’s conscious move to expand its global renewables footprint and seek to work towards its carbon emission reduction policy.

Shell earmarked $2-3 billion in capital expenditure for renewables and energy solutions in 2022.

Daystar Power, a Lagos-based company, installs and operates solar arrays on commercial rooftops in Nigeria, Ghana, Senegal, and Togo.

Clients receive cheaper electricity from the panels and also have the option of systems with energy storage.

Read also: Equipment failure responsible for Shell oil spill —Report

It has 300 power installations with an installed solar capacity of 32 megawatts but aims to boost its capacity to 400 MW by 2025.

It also plans to expand to eastern and southern Africa, a goal that Daystar Chief Executive, Jasper Graf von Hardenberg, said would be easier to reach with Shell.

Speaking on the deal also, Christian Wessels, co-founder of Daystar, believes Shell’s acquisition will transform the company and enable it to achieve its broad objectives in a shorter time.

Pending regulatory approvals, Shell will fully own Daystar, but von Hardenberg and the management team will continue to run the company.

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