Starsight invests in UPDC to open up solar potential in Nigeria

AdobeStock 172080788Starsight, a leading West African Commercial and Industrial (C&I) solar power provider, has announced that it has invested in UPDC Facility Management Limited (UPDC FM), a joint venture with UACN Property Development Company Plc (UPDC)

Starsight has developed leading technology and a deep in-house capability for designing C&I solutions with strong energy-efficiency features. The partnership between Starsight and UPDC brings together Starsight’s strengths in sustainable power solutions and UPDC’s track record in the facilities management business. The two companies are highly complementary in nature enabling the new venture, UPDC FM, to provide a compelling offering to clients.

Tony Carr, chief executive officer of Starsight, commented, “We are very pleased to be partnering with UPDC on this new venture. Starsight has several years experience and significant cutting-edge technical know-how in distributed solar power and storage. With the strong backing of leading African Private Equity firms Helios Investment Partners and Africa Infrastructure Investment Managers, we have assisted several prominent customers to transition to more sustainable and effective power solutions by installing 36 MW of generation assets and 28 MWh of storage at over 500 sites.”

“UPDC has built a strong track record and unparalleled market knowledge over two decades and remains Nigeria’s foremost real estate development firm with a profitable and scalable facilities management business. This transaction opens up a residential and commercial pipeline for solar PV potentially in excess of 10 MW and defines both companies as the market leaders in this space.”

Deborah Nicol-Omeruah, Ag. CEO of UPDC, said, “The partnership with Starsight is aligned with UPDC’s broader strategy to strengthen and scale our facilities management portfolio, with a view towards sustainable growth and value. Expanding our service offering to include the provision of energy management solutions enables the company to increase the revenues generated in each of its existing managed properties and provides a strong basis for servicing new developments looking for more robust facility management services.”

“Set on a path to profitability, we intend to increase our Facility Management footprint from 28 to 50 properties across Nigeria over the next three years in our bid to establish UPDC FM as the service provider of choice for individual residents and local corporates. We are confident we will achieve this with Starsight as our partners.”

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