Charles Russell Speechlys advises Daystar Power Group Limited on its acquisition by Shell
Charles Russell Speechlys has advised Daystar Power Group, a leading provider of hybrid solar power solutions to businesses in West Africa, on its recent acquisition by Shell. Shell will acquire Daystar Power, which is still subject to regulatory approvals, to deliver carbon emission reductions and power cost savings to commercial and industrial businesses across Africa.
Daystar Power Group is a pan-African electricity company specialising in the generation of solar energy. Daystar envisions 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. As part of Shell, Daystar will be able to grow its operations in West Africa and to execute its mission even faster across the African continent. When the acquisition completes, it will be Shell’s first power acquisition in Africa.
Daystar’s founders and its management team will stay with Daystar once the acquisition completes, and continue to grow the business as it deploys on its wider strategy of increasing its installed solar capacity to 400MW by 2025, to become one of Africa’s leading providers of solar power solutions to the commercial and industrial sector in Africa.
The Daystar investor’s consortium (advised by Hugh Naylor at Trinity LLP) led by IFU, and including STOA, Proparco and Nigerian funds, and Sunray Ventures (advised by Chuks Ibechukwu at Olaniwun Ajayi) all welcomed the acquisition.
Christian Wessels, President and Co- Founder of Daystar Power, commented:
“This is an important time for Daystar and we look forward, subject to satisfying the regulatory conditions, to the Shell acquisition assisting Daystar in its future development and growth. Throughout, we have been extremely grateful to Adrian and the Africa team at CRS for the expert guidance and high quality advice they have provided to Daystar and the senior management team, not only on this exit process to date, but also in past investment rounds. We look forward to working with Charles Russell Speechlys in the future.”
Partner, Adrian Mayer, commented:
“The future is exciting for Christian and Jasper (co-founders of Daystar) and the rest of the senior management team at Daystar. We are looking forward to seeing Daystar grow and to continue making a meaningful impact and driving change in the Africa power sector. It was a pleasure to support Daystar on this transaction, and to work with others and their advisers to bring the acquisition to this point. The transaction also highlights our experience and expertise in this sector, as well as showcasing our Africa practice across the firm.”
The Charles Russell Speechlys team was led by Adrian Mayer (Partner and Head of the Africa Team) with Helen Coward (Partner, Tax), and assisted by Shane Thompson (Associate) and Anna Reynolds (Associate).