West African hybrid solar power provider, Daystar Power has been acquired by Shell. The acquisition, which received regulatory approval, will enable Daystar Power to expand its operations in the region and across Africa.
With this acquisition, Daystar aims to increase its installed solar capacity to 400MW by 2025 to become one of Africa's leading providers of solar power solutions for commercial and industrial businesses.
Daystar Power will operate as a wholly-owned subsidiary of Shell, under its existing brand within Shell's Renewables & Energy Solutions business. The company's co-founders and management team will continue to grow its operations in key West African markets, while also expanding the company's presence to other countries across the continent.
In Nigeria, Shell has served customers for over 40 years through its existing business. Globally, the company has over 46 gigawatts of renewable generation potential in its portfolio, including 2.2 GW in operation, 3 GW under construction or contract, and 40.9 GW of potential capacity in its pipeline.
This includes a range of renewable energy projects, such as utility-scale solar, floating wind, and integrated wind-to-hydrogen projects. In February 2021, Shell announced its Powering Progress strategy, which includes a commitment to becoming a net-zero emissions energy business by 2050.