Unity Bank and Daystar Power agree on cooperation

November 9th, 2018

Unity Bank has agreed to work together with Daystar Power in moving the power supply of Unity Bank’s branches across Nigeria from diesel generation to cleaner and more efficient solar powered solutions. Unity Bank is one of Nigeria’s leading retail banks with 240 business offices across the country and Nigeria’s 8th largest bank by business locations. Unity Bank is driven by the vision to be the retail bank of choice for all Nigerians and the move to a cleaner power supply will further improve the banking experience of retail customers. Daystar Power belongs to the venture capital company Sunray Ventures of the German founders Christian Wessels and Jasper Graf von Hardenberg.

Daystar Power was founded by the venture capital financier Sunray Ventures, which has set itself the task of making a significant contribution to the electrification of the African continent through private equity investments and thereby promoting the systematic expansion of renewable energy resources.

Unity Bank has agreed to work with Daystar Power in moving the power supply of its branches across Nigeria to cleaner and more economic solar powered solutions. In delivering its services, Daystar Power uses globally leading technology to provide Unity Bank with a combination of hybrid battery backed-up solar power solutions, which reduce costs as well as carbon emissions.

Daystar Power’s solutions will contribute to Unity Bank offering its customers the best possible retail banking experience, as well as setting new standards with regards to sustainability.

Mrs. Tomi Somefun, Managing Director of Unity Bank says:

“Unity Bank is dedicated to be the retail bank of choice for all Nigerians and provide our customers with the best possible banking experience. We believe that our transition to clean solar energy solutions will not only help providing a better experience to customers visiting our branches, but also contribute to safeguarding our environment. It is part of our sustainability initiative and we are happy to be working together with Daystar Power in this endeavour.”

Christian Wessels, Managing Director of Sunray Ventures says:

“A significant gap between required and available electricity from the grid is prevalent across Nigeria, leading to most businesses using diesel generators for most of the day. However, advances in technology have made it economical for commercial and industrial customers alike to switch to cleaner hybrid solar power solutions. We are very happy that Unity Bank has decided to be at the forefront of this development and work together with Daystar Power, to provide cleaner and economical power solutions to its branch network.”

Daystar Power is a pan-African electricity company specializing in the generation of solar energy, with a focus on medium and small-scale solar systems (20KWp to 2 MWp). The plants are either sold or leased to customers. The user benefits from cost savings against payment of a monthly fee, from ensuring a stable power supply, emission-free energy production and the associated energy management of the operator. Unlike many other international solar companies, Daystar Power focuses on small, local technical units that provide a high level of service.

Sunray Ventures is a Venture Builder with locations in Frankfurt, Dubai and Lagos, which was founded to identify economically attractive and high impact opportunities that address core growth sectors with a focus on renewable energy and circular economy in Africa and the Middle East. Sunray Ventures is focusing on building and scaling high-growth companies which generate profit, whilst creating environmental and socio-economic impact in their respective industries. Addressing Africa’s opportunities and needs, Sunray Ventures operates two clean-tech businesses, the electricity supplier Daystar Power and the recycling company Green Compass Recycling. Sunray Ventures’ activities span the African and Middle Eastern region with an initial focus on key countries that promise superior returns due to their demographic and economic development, as well as political and legal stability. For further information please see http://sunray.ventures/.

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