C&I solar power provider Starsight has invested in Nigerian facilities management business UPDC Facility Management (UPDC FM).
UPDCD FM is a 50/50 joint venture with UACN Property Development Company. Founded in 2015, Starsight is a West African energy-as-a-service provider which has deployed approximately 36 MW of generation assets and 28 MWh of storage in Nigeria and Ghana. The partnership brings together Starsight’s strength in sustainable power solutions and UPDC’s track record in the facilities management business.
Tony Car, Starsight CEO: “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,” explained Carr.
Exploring the C&I solar market in West Africa is good for the bottom line
UPDC’s facilities management business was established in 2001 to provide management, maintenance and care to residential estates. The business has since grown to manage 28 residential and commercial assets across Nigeria. This includes properties developed by UPDC as well as third parties.
Deborah Nicol-Omeruah, acting CEO for UPDC: “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 3 years,” said Nicol-Omeruah.
Tony Carr is an African Power & Energy Elites finalist for 2021.