Solar provider d.light raises Sh4.1Bn in equity financing
NAIROBI, Kenya, Dec 17 – Solar provider d.light has raised Sh4.1 billion in equity financing from a Consortium led by Inspired Evolution, an Africa-focused investment advisory firm that specializes in the energy sector.
Consortium partners include the Dutch Development Bank FMO, as well as government-sponsored investment funds Swedfund and Norfund.
This latest funding, which enables expansion of the company’s solar and Pay-Go consumer finance business in Africa, brings the total amount of equity and debt that d.light has raised in the past two years to over US$100 million.
The funding round also enabled some of the company’s earliest investors to achieve an exit.
“We are thrilled to have Inspired Evolution as the newest funding partner in the d.light family, their energy expertise and strong network add significant value to the work of d.light, allowing us to expand our product line, launch in new markets, and reach more customers,” said d.light co-founder and CEO Ned Tozun.
Since its founding in 2007, d.light has provided solar energy to more than 88 million people in 62 countries.
Their product line ranges from affordable portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances, including a flat-screen television.
“We are excited to partner with d.light, the market leader in the portable solar product and off-grid solar home system market, to support the expansion of their Pay-Go solar business throughout Africa which will help address the needs of more than 600 million people that do not have access to electricity,” Wayne Keast, Managing Partner, at Inspired Evolution said.
d.light is dedicated to providing the most reliable, affordable, and accessible solar lighting and power systems for the developing world, with the goal of reaching 100 million people by 2020.