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Daystar Power, part of the Shell Group; and Sterling Bank have announced the expansion of their strategic partnership, which is aimed to help more Nigerian businesses access cost-friendly, reliable, and cleaner energy solutions.
In a statement at the weekend, the partners said that, under the renewed Memorandum of Understanding (MoU), Sterling Bank would provide tailored financing for commercial and industrial customers, while Daystar Power would offer new long-term Power Purchase Agreements (PPAs) designed to overcome financing barriers, deliver savings and provide access to cleaner energy for more Nigerian businesses.
The renewed MoU marks a step forward for Nigeria’s renewable energy market, as it addresses liquidity and tenure challenges that have historically limited business adoption of solar solutions.
To support this initiative, Sterling Bank has dedicated a specialised credit facility to finance upfront costs for eligible C&I businesses. This liquidity injection, combined with Daystar Power’s high-efficiency solar-hybrid systems, is designed to deliver immediate operational savings by replacing expensive energy generation with a lower, fixed-cost solar tariff from the first year of operation.
“This partnership combines the strengths of Daystar Power and Sterling Bank to make renewable energy accessible to industrial customers,” Yischai Beinisch, CEO of Daystar Power, said.
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“Together, we will deliver cleaner, more reliable, and affordable energy to power industry in Nigeria”, he added.
Dele Faseemo, Group Executive, Corporate and Investment Banking at Sterling Bank, said: “At Sterling Bank, we recognise that access to affordable and reliable energy remains one of the biggest barriers to business growth in Nigeria. Through this partnership with Daystar Power, we are introducing an innovative financing structure that removes the burden of significant upfront capital investment and enables businesses to transition seamlessly to cleaner, more cost-effective energy solutions.”
The partnership solidifies the companies’ ability to bring global technical standards and project longevity to the local market. The collaboration ensures that Nigerian businesses benefit from world-class engineering backed by the financial solidity of one of Nigeria’s leading commercial banks.
About Daystar Power
Daystar Power is a leading provider of hybrid solar power solutions to businesses in West Africa. With a mission to deliver reliable, cost-friendly, and clean energy, Daystar helps companies cut costs, reduce carbon emissions, and increase energy independence.
About Sterling Bank
Sterling Bank Limited is a full-service national commercial bank in Nigeria and a member of Sterling Financial Holdings Group. With a heritage of more than 60 years, the bank has evolved from Nigeria’s pre-eminent investment banking institution to a trusted provider of retail, commercial, and corporate banking services.
Guided by a culture of innovation and a passion for excellence, Sterling Bank remains dedicated to redefining the banking experience for millions of customers across Nigeria.
