SHELL ACQUIRES NIGERIA’S DAYSTAR POWER.


Shell has made its first green deal in Nigeria.

The oil-producing giant bought Daystar Power, a Nigeria-based company that provides businesses with solar energy solutions. Neither company has disclosed the deal’s value, but the acquisition has been in the works since 2019. Daystar Power needed more money to keep up with rising demand for its services, so it sold to Shell which has a really strong balance sheet. 

Shell’s history in Nigeria

Shell was the first company to begin oil exploration in Nigeria. The country became the largest oil producer in the world as a result of its work there. Unfortunately, it also contributed to a number of oil spillages, which resulted in the loss of life and property as well as a rise in civil unrest in the Niger Delta region. For the harm it caused, it has been making settlement payments totalling hundreds of millions of dollars.

Life on the greener side

Through its impact investing vehicle, All On, which has provided funding to nearly 24 renewable energy companies, Shell has established itself as an eco-friendly company in Nigeria while repairing its image. Shell is buying Daystar to help consumers who currently rely on diesel generators in nations where the rising cost of diesel is having a significant negative impact on businesses. With 32 megawatts of installed solar capacity, Daystar Power serves consumers in operations in Ghana, Togo, and Senegal, in addition to Nigeria.

TECHCABAL