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21 March 2019

Charles Russell Speechlys advises Daystar Power Group and founder on $10 million equity stake by Verod Capital Management and Persistent Energy

Charles Russell Speechlys has advised Daystar Power Group and its founder, Sunray Ventures, on a $10 million equity stake in Daystar by Verod Capital Management (Verod) and Persistent Energy (Persistent).

Daystar Power Group is a pan-African electricity company specialising in the generation of solar energy. They envision a world where affordable, reliable and clean power ceases to be a privilege and is readily available for businesses and consumers across Africa, by reducing the cost of energy, providing a stable power supply and reducing pollution.

The deal involved the issuance of a minority stake in Daystar to Verod, a leading West African private equity firm and Persistent, a pioneer investor in the off-grid sector.

Christian Wessels, Founder and Exec Chairman of Daystar Power Group, commented: “We are thrilled to receive the backing of both Verod Capital and Persistent Energy. This significant investment will boost the Daystar’s expansion efforts and strategically position us as a leading provider of renewable energy solutions across Africa. The team at Charles Russell Speechlys supported in offering legal and commercial advice”.

Edidem Basiekanem, who led on the deal, commented: “we were delighted to work with the team at Daystar on this transaction, which marks a significant milestone for them as the first major private equity investment into the company. Our international focus on Africa also meant that we were ideally placed to provide legal advice. We look forward to see the company go from strength to strength”.

The Charles Russell Speechlys team was led by Corporate Associate Edidem Basiekanem, with support from Head of Private Equity Malcolm MacDougall and Tax Associate Alison Stagg.

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