Daystar Power, part of the Shell Group, and Sterling Bank have expanded their strategic partnership with the introduction of a hybrid financing scheme to help Nigerian businesses cut energy costs and access cleaner power solutions.
Under a renewed Memorandum of Understanding (MoU), Sterling Bank will provide tailored financing for commercial and industrial customers, while Daystar Power will offer long-term Power Purchase Agreements (PPAs) designed to overcome financing barriers and deliver savings.
According to a statement issued at the weekend, the renewed MoU addresses liquidity and tenure challenges that have historically limited the adoption of solar solutions by businesses.
To support the initiative, Sterling Bank has dedicated a specialised credit facility to finance upfront costs for eligible commercial and industrial businesses.
Combined with Daystar Power’s high-efficiency solar-hybrid systems, the arrangement is expected to provide immediate operational savings through lower, fixed-cost solar tariffs.
The chief executive officer of Daystar Power, Yischai Beinisch, said the collaboration would make renewable energy more accessible to industrial customers.
“This partnership combines the strengths of Daystar Power and Sterling Bank to make renewable energy accessible to industrial customers,” Beinisch said.
“Together, we will deliver cleaner, more reliable, and affordable energy to the power industry in Nigeria.”
Also speaking, group executive, Corporate and Investment Banking at Sterling Bank, Dele Faseemo, said access to affordable and reliable energy remained one of the biggest barriers to business growth in the country.
“At Sterling Bank, we recognise that access to affordable and reliable energy remains one of the biggest barriers to business growth in Nigeria,” he said.
“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 companies said the partnership strengthens their ability to bring global technical standards and long-term project sustainability to the local market, enabling Nigerian businesses to benefit from world-class engineering backed by the financial strength of one of the country’s leading commercial banks.
