Solar Sets Eyes on East Africa
Solar company Premier Solar Group has instructed Clyde & Co on its sale of a 50% interest in its East African business to Nigerian company Starsight Energy.
The sale of a 50% stake in Premier Solar Group’s East African operations to Starsight Energy will lead to the formation of a new joint venture company named Starsight Premier Energy Group, with a focus on East Africa.
The transaction between Premier Solar and Starsight, both of which are commercial and industrial (C&I) solar energy companies, will see the formation of a joint venture company which will serve C&I customers in East Africa with clean energy solutions as well as providing cooling-as-a-service battery storage services.
Clyde & Co took on the role of exclusive legal adviser to Premier Solar on the transaction, responsible for the review and negotiation of English law documents, and the provision of corporate advice relating to English and Kenyan law issues as well as regulatory approvals.
Premier Solar Solutions, which is the Kenyan subsidiary company of Premier Solar Group, has a strong position in the Kenyan C&I market for solar, having already implemented five solar projects, and in the process of implementing a further eight, providing a total of 8.8 megawatts (MW) of power. The subsidiary also has future plans for the execution of further projects in Kenya totalling 20 MW.
Starsight Energy has over 500 locations across both Nigeria and Ghana, and the newly formed joint venture company will merge both Premier Solar Group’s Kenyan presence and Starsight’s battery storage and other technology solutions across Uganda, Kenya, Tanzania and Rwanda.
The CEO and chairman of Starsight Premier Energy Group will be Premier Solar Group’s founder, Rupesh Hindocha.
In a statement, Clyde & Co partner and head of corporate in East Africa Michael Strain described the deal as “a landmark development for Kenya and East Africa and should provide a significant and welcome boost to the region’s energy efficiency market”, while Hindocha explained:
“We knew instantly that Starsight would be the right partner for us because of their reputation for exceptional customer service, innovation, and sustainability.”
Strain led the Clyde & Co advisory team, with assistance from Nairobi partner Jared Kangwana, Dar es Salaam senior associate James Pius, Nairobi senior associate Mati Munuve and Nairobi associate Alex Devereux.
The has attracted investments totalling USD 34.7 billion in the last 10 years, with South Africa, Morocco and Egypt leading the way, according to a recent Linklaters report.
Source: iclg
