The Financial Times has named Starsight Energy, a prominent African commercial and industrial solar power supplier with a substantial presence in Ghana, the fastest growing solar and renewable energy firm in Africa (FT).
Starsight is the sixth fastest growing business in Africa, according to the Financial Times' inaugural listing of Africa's fastest-growing firms in 2022. It is also the first energy and renewable energy company on the list. Since its beginning in 2015, Starsight has achieved remarkable development, as seen by the rankings. The company's revenues in 2020 were US$8.886 million, up from US$0.832 million in 2017.
It is now growing at a compound annual growth rate of 132.351 percent, with an absolute growth rate of 1154.403 percent. In 2017, Starsight had 42 employees, but by 2018 that number had risen to 48.
The pan-African renewable energy firm works in three regions in Africa: West, East, and South Africa, with a clear intention to be in additional regions by the end of 2021, with more than 51MW of solar power built in West Africa.
Emmanuel Ayifa Baah, Managing Director of Starsight Energy Ghana, hailed the achievement as humbling in an interview with the B&FT.
"It's humbling, but it's also an acknowledgement of the team's hard work over the years." When you solve an issue, it's only natural to be rewarded. It's gratifying to realize that what you're doing to assist businesses become green while saving money on power and reducing carbon emissions is making a difference.
When you have a firm that was only functioning in Nigeria the prior year and now has operations in Ghana, Kenya, Rwanda, Tanzania, and South Africa, that is obviously a significant leap from one place to all of these countries," Mr. Ayifa Baah explained.
Ghanaian operations
Mr. Ayifa Baah, speaking more specifically about the company's operations in Ghana, stated that there is around 10MW of solar power under deployment for commercial and industrial institutions, with over 50% installed. "The majority of our installations are in Accra, but we also have installations in Kumasi and the Eastern Region," he explained.
Mr. Ayifa Baah, speaking in a positive tone, stated that Starsight Energy Ghana aims to have more than 10MW built for commercial and industrial clients by the end of 2022.
Solar as a more sustainable power source is being pushed.
Mr. Baah advised consumers, particularly commercial and industrial users of power, to consider solar as a more sustainable choice in light of the recent request for an increase in energy bills as a consequence of a general increase in utility companies' generating costs. "When you go solar, you save money while also protecting the environment," he added, noting that Starsight's lease-to-own program resulted in customers saving between 15 and 45 percent on their monthly power costs.
"We operate on a lease-to-own basis. We create the solar plant at our expense, we maintain it at our expense, and you just pay for the privilege of utilizing it while also obtaining it. Our contracts begin at five years, and if you need a contract for more than ten years, we can accommodate you because we are highly flexible with our alternatives.
You will not incur any additional costs; you will continue to pay a reduced monthly power bill and will eventually own the plant. Mr. Ayifa Baah said, "Our aim ranges from a 15% decrease in your rate to a 45 percent per kilowatt-hour reduction in power costs."
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