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 $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.
“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,” Osoka said.
She added, “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."
On his part, Jasper Graf von Hardenberg, CEO of Daystar Power said “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.”
According to the Founder and chairman of Sunray Ventures and Daystar Power, Christian Wessels said, "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.”
Have your say
More Business Headlines
- Insurance industry could wield more money than banks – Rev Okosun
- Engage NIC to avoid casualties - CIIG
- Kingdom Exim Ghana, CEO awarded at Ghana Shippers Award 2019
- Enforce laws barring foreigners from retail trade - Majority Leader to agencies
- GTBank, Ria partner Zeepay to launch Ria2Mobile money transfer service
- AirtelTigo mentors 40 young aspiring entrepreneurs
- Alliance Motors launches 2019 Range Rover Evoque
- Mid-year review, Supplementary Budget to be presented July 22
- Ghana, Ivory Coast lift ban on cocoa sales
- GIFEC, GSMA, Vodafone to connect rural communities to internet
- Take Pension Serious – NBC Ghana Trust boss charges Ghanaians
- ABL ends Retailer Development Program
- Aker Energy’s IPO may be in late 2019 or 2020 - CEO
- StarLife CEO named among Female Trailblazers in African insurance industry
- Eni, UNIDO partner to help reach SDGs with pioneering public-private cooperation