Nigeria-based solar energy provider Starsight Energy announced the conclusion of a competitive local currency refinancing agreement with Chapel Hill Denham Nigeria Infrastructure Debt Fund (NIDF).
The agreement is for a 10-year NGN8 billion refinancing of $20 million of current debt with two development finance institutions (DFIs) invested in the energy sector in Africa.
The Nigerian refinancing, negotiated in just two months amid substantial interest from Nigerian debt-funders, “keeps things local”, says Paul van Zijl, Starsight’s Group Chief Financial Officer, supporting Nigerian green energy players and the country’s economy. The refinancing was made possible through close collaboration by the Starsight and NIDF teams with the necessary flexibility to ensure closing on the targeted date.
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