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Shell to buy African solar firm Daystar

Reuters

Shell to buy African solar firm Daystar

STORY: Royal Dutch Shell will buy African solar provide Daystar Power, the two companies said on Wednesday (September 28).

That’s as the oil giant pursues a mandate of cutting its greenhouse gas emissions in half by 2030.

Shell is one of the most influential oil producers in Africa but the Daystar purchase is its first power acquisition on the continent.

Thomas Brostrom, Shell’s vice president for renewable generation, said in a statement that Shell was helping to address a “critical energy gap for many who rely on diesel generators for backup power”.

Daystar is headquartered in Nigeria’s commercial capital Lagos.

It provides off-grid power to commercial and industrial clients in Nigeria, Ghana, Togo and Senegal.

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

Here’s Daystar co-founder Christian Wessels speaking earlier this year.

“We are at the beginning of what is nothing shy of a power revolution of turning to more renewables, but what is also important, it will never be only solar. We have to find an intelligent mix between solar and other sources of energy.’’

Neither Shell nor Daystar commented on the sale price.

Shell – which has in the past faced criticism and court action over pollution in Nigeria – has earmarked $2-3 billion in capital expenditure for renewables and energy solutions in 2022.

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