Shell finishes up deal for Nigerian solar company Daystar Power

• Oil and gas giant Shell Plc (LON: SHEL) has actually finished the acquisition of Nigeria-based hybrid solar energy remedies provider Daystar Power after acquiring the needed regulatory clearances.

The transaction, which marked Shell's initial power acquisition in Africa, was inked in September.

Set up in 2017, Daystar offers solutions to business as well as industrial (C&I) services. With procedures in four nations, the Lagos-based company aims to boost its mounted capacity to 400 MW by 2025 from 32 MW presently.

Following conclusion, the acquired business will operate as a wholly-owned subsidiary of the British firm under its existing brand within Shell's Renewables & Energy Solutions department, a press release stated.

The procurement by Shell will certainly allow Daystar to grow its operations in the region while increasing across the African continent, the Nigerian firm noted in the statement.