AIIM, Helios invest in Nigeria’s Starsight Power Utility
Starsight offers solar-diesel-battery hybrid and efficient cooling and lighting solutions to its commercial and industrial clients.
African Infrastructure Investment Managers (AIIM), one of Africa’s leading infrastructure equity investment managers and a member of Old Mutual Alternative Investments (OMAI), today announces an investment in Starsight Power Utility Ltd (Starsight). AIIM has acquired its stake through its African Infrastructure Investment Fund 3 (AIIF3), as part of a $30 million equity round, together with one of the largest Africa-focused private investment firms, Helios Investment Partners, acting on behalf of funds it advises.
Starsight is a Nigeria-based energy services company offering solar-diesel-battery hybrid and efficient cooling and lighting solutions to its commercial and industrial clients. The company is in the process of rolling out its services to a number of core clients in the financial services and energy sectors, and has a target pipeline of over 1,000 sites in the medium term. AIIM’s investment in Starsight is financed through its AIIF3 fund which invests primarily across the power, transportation and energy infrastructure sub-sectors in sub-Saharan Africa.
“As long-term infrastructure investors, we want to make both a positive and sustainable impact, as well as targeting investments with attractive return profiles,” said Olusola Lawson, Investment Director and Head of West Africa at AIIM. “Nigeria must address its significant power supply deficit to spur the economic growth required to create jobs for its fast-growing population. Starsight is offering a unique solution for companies that will reduce their cost of power and improve their ease of doing business.”
Tony Carr, CEO of Starsight, said “Starsight is pleased to welcome AIIF3 as a significant shareholder. Our off-grid energy-saving and cooling solutions are focused on delivering clean power to our customers while reducing waste through innovation; we see AIIM as a long term partner with extensive local knowledge that will help us drive future growth, further expand our customer base and ultimately deliver value to our shareholders.”
Including Starsight, AIIM has made several investments on behalf of the AIIF3 fund. Other investments are AIIM Hydroneo, a pan-African hydro power development platform, DSM Corridor Group, a specialist dry bulk terminal operator in Tanzania, Albatros Energy Mali, a 90 megawatt (MW) thermal power station and Amandi Energy Limited, a 200MW thermal power station in Ghana.
- Fighting corruption goes hand in hand with accountability
- How cooperation with China can deliver more African development
- Foreign policy imperatives for Nigeria’s sustainable development agenda
- The NYSC should be scrapped. Here is why.
- Conference report on Financial Nigeria's 10th anniversary colloquium
Most Popular News
- KuBitX launches cryptocurrency exchange in Nigeria
- First Bank of Nigeria hosts fintech summit
- Nigeria among worst-performing nations on World Bank's Human Capital Index
- Nigerian tech hub partners Coinfirm to launch anti-fraud blockchain network
- AMCON plans ‘quick’ divestment from Polaris Bank
- IMF cuts Nigeria’s 2018 growth forecast to 1.9 percent