Charles Russell Speechlys has advised Daystar Power, a provider of hybrid solar power solutions to businesses in West Africa, on its $38m Series B investment from a consortium of investors.

The round was led by the Investment Fund for Developing Countries (IFU), the Danish development finance institution (DFI). IFU is joined by new investors STOA, a French impact infrastructure fund, Proparco, the French DFI, backed by a guarantee from the European Union under the African Renewable Energy Scale-Up facility (ARE Scale-Up) and Morgan Stanley Investment Management.

Taking into account the previous round by Verod Capital and Persistent Energy, Daystar Power has received equity investments totalling $48m.

This fundraise enables Daystar Power to continue to enhance its digital offerings, to expand its local teams and to grow its operations in its key markets of Nigeria and Ghana, while deepening its presence in other regional countries such as Côte d’Ivoire, Senegal and Togo.

Adrian Mayer, Corporate Partner and Head of the firm’s Africa Team at Charles Russell Speechlys, said: “This is the second fundraising that we have acted for Daystar on. It was a pleasure to work alongside Jasper, Christian, Ola and rest of the Daystar management team to achieve this important result for Daystar, whilst drawing on our knowledge and expertise in the Africa region. We wish the whole team at Daystar all the best for the future.”

The Charles Russell Speechlys team was led by Corporate Partner Adrian Mayer with the support of Corporate Associate Edidem Basiekanem.

Jasper Graf von Hardenberg, CEO and co-founder of Daystar Power, said: “By offering our commercial and industrial clients cheaper, reliable and cleaner power, we have seen a more than 50-fold increase in power-as-a-service revenue over the last two years. Many thanks to Adrian and Edidem and the team at Charles Russell Speechlys for their advice and support of Daystar on this fundraise.”