The combined group will have a portfolio of 220MW of operated and contracted generation capacity, with 40MWh of battery storage, and a project pipeline exceeding 1GW. Decisions on the name and leadership of the merged company are on hold pending antitrust regulatory approvals, which are expected to take between three and six months.
Starsight shareholder African Infrastructure Investment Managers (AIIM), which is part of Old Mutual Alternative Investments, will help fund the expansion of the South African subsidiary of the new entity. The goal of the merger is to build the “pan-African renewable partner of choice,” AIIM investment director Dami Agbaje told a briefing.
Starsight, founded in 2015, is Nigeria’s first renewable energy supplier to secure carbon credit accreditation. Also backed by Helios Investment Partners, it operates in all the country’s 36 states, as well as in Ghana.
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