SunFunder has provided a US$4 million in debt funding to the commercial and industrial solar developer, Daystar Power (based in Nigeria). Daystar specialises in providing solar power and energy efficiency solutions for businesses in the commercial, industrial, and agricultural sectors that result in at least a 20% reduction in energy costs and 50% reduction in diesel consumption for end users. Daystar also actively hires female engineers, managers and seeks to create an environment where women can drive development in Africa
SunFunder provides innovative debt financing for solar enterprises working in emerging and frontier markets. The company collaborates with major debt fund investors around the world to unlock capital for solar energy projects. Rim Azirar, who led the transaction for SunFunder, highlighted the scalability in both the structure of the loan and Daystar’s business model. SunFunder’s debt financing for up to 3MW of commercial and industrial projects for clients including top tier financial institutions and other small and medium-sized enterprises will mitigate over 100,000 tons of CO2 emissions annually.