Daystar Power

completed

Daybreak Power Solutions (“Daybreak” or “the Company”) is a 100% owned subsidiary of Daystar Power Group (“Daystar Group”). Daybreak provides clean, competitive and reliable solar hybrid solutions to commercial and industrial customers (“C&I”) who are receiving poor supply from the country’s grid infrastructure and/or heavily reliant on diesel for generation. Daybreak’s business model is to achieve a energy cost saving for its C&I customers primarily via the displacement of diesel generation with solar and battery-based solutions. Daybreak currently has 8.1MWp installed solar capacity across 156 sites. The Company’s target is 140MWp solar capacity by 2024 via a 4-year capital expenditure program phased based on funding secured. Phase 1 deployment: 30MWp, Phase 2 deployment: 55MWp and Phase 3 deployment: 55MWp. Daybreak is seeking to raise US$40 million to fund its Phase 1 program (the “Project”). The Project will be funded by (i) an IFC LCY C Loan for IFC’s own account of US$10 million supported by the IDA19 Private Sector Window Local Currency Facility (PSW LCF); (ii) a US$10 million subordinated loan from IFC as implementing entity of the Canada-IFC Renewable Energy Program for Africa; and (iii) shareholders’ equity of US$20 million.