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06.04.2019 Business & Finance

Daystar Power Gets Office In Ghana As Part Of Expansion

Daystar Power Gets Office In Ghana As Part Of Expansion
LISTEN APR 6, 2019

The solar energy company Daystar Power has opened its second branch in West Africa with an office in the Ghanaian capital of Accra. Daystar Power Ghana will be led by Olaedo Osoka, who has held a leading position for the African Venture Builder Sunray Ventures at various locations since Daystar Power was founded in 2017.

The fundamental factor for the expansion of the energy business in Ghana is the great potential that Daystar Power attributes to solar energy in Ghana. Although electricity supply from the grid is relatively stable compared to neighbouring countries, it is prohibitively expensive and has become less reliable, increasingly forcing consumers to turn to environmentally harmful diesel generators.

Conservative estimates suggest that Ghanaian businesses spend up to 20% of their operating costs on electricity, funds which could be applied towards increasing production and job creation. Daystar Power’s entry into the Ghanaian market is timely, in view of increased load shedding and anticipated tariff increases.

A reliable and cost-effective power supply is essential to increase productivity and reduce production costs and represents an important basis for further economic development in Ghana. Daystar Power's expansion into Ghana follows its exceptional performance in Nigeria, with the group raising USD 10 million in equity financing from Verod Capital Management and Persistent Energy.

Olaedo Osoka, Head of Daystar Power’s Accra office, is a member of the founding team of Sunray Ventures led by Christian Wessels and Jasper Graf v. Hardenberg and was involved in the founding of Daystar Power in 2017. Osoka studied law at the University of Essex and holds a masters of law degree with a distinction from the London School of Economics. Prior to joining Sunray Ventures, she was a lawyer in Udo Udoma & Belo-Osagie, a leading law firm in Nigeria. Osoka has an enduring passion for women empowerment and inclusion in the renewable energy transition in Africa.

Olaedo Osoka, Head of Daystar Power in Accra, says:

“Our business model has allowed us to save clients up to 20% of energy costs, enabling them to channel their resources into generating additional revenue, returns and improve their environmental footprint. Our mission is also to employ, empower and train young local talent, particularly Ghanaian women. You will note that there are few women in Science, Technology, Engineering, and Mathematics (STEM) in Europe, and the ratio is much worse here; part of our mission is promoting diversity and encouraging women to participate and lead in building Ghana’s energy future."

Jasper Graf von Hardenberg, CEO of Daystar Power, says:

“We are happy to have expanded our attractive solar power offering to Ghana, a market which suffers from high power costs. We believe our solar power solutions will help businesses across Ghana to reduce both costs and environmental footprint.”

Christian Wessels, Founder, and chairman of Sunray Ventures and Daystar Power, says:

"In addition to the cost savings and environmental impact of our solutions, Daystar Power is now well positioned to create value in Ghana and contribute to the energy revolution in Africa.”

Daystar Power is a pan-African electricity company specializing in the generation of solar energy, with a focus on medium and small-scale solar systems (20kWp to 5 MWp). The plants are either sold or made available to customers in a service fee model. The user benefits from cost savings against payment of a monthly fee, from ensuring stable power supply, emission-free energy production, and the efficient energy management. Unlike many other international solar companies, Daystar Power has established local technical units that provide a high level of service.

Sunray Ventures is an African Venture Builder with locations in Lagos, Frankfurt and Dubai. Sunray Ventures is focusing on building and scaling high-growth companies which generate profit, whilst creating environmental and socio-economic impact in their respective industries. Sunray Ventures and their owners Christian Wessels and Jasper Graf von Hardenberg have founded Daystar Power in 2017.