Daystar Power believes there is great potential for 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 percent 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 performance in Nigeria, where the group raised $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 percent of energy costs, enabling them to channel their resources into generating additional revenue, returns and improve their environmental footprint” said Olaedo Osoka. “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.”
Christian Wessels, Founder and chairman of Sunray Ventures and Daystar Power, added that the in addition to the cost savings and environmental impact of the company’s solutions, Daystar Power is now well positioned to create value in Ghana and contribute to the energy revolution in Africa.
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