Since 2007, d.light says it has reached out to more than 88 million people in 62 nations through its off-grid solar solutions. The fresh dose of $41 million financing will help it achieve its overarching target of impacting 100 million people by 2020, ahead of schedule, it said. (Photo Credit: d.light)
- A consortium of FMO, Swedfund and Norfund, led by Inspired Evolution have pooled in $41 million for d.light
- Off-grid solar lighting and power products company d.light will use the proceeds to finance its solar and pay-go consumer finance business in Africa
- While the latest round of funding has taken total debt and equity raised by d.light in last 2 years to more than $100 million, it has also enabled some of the earliest investors to achieve an exit
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Off-grid solar lighting and power products maker d.light has raised $41 million in equity financing to aid expansion of its solar and pay-as-you-go consumer finance business in Africa. Inspired Evolution, an Africa-focused investment advisory firm with expertise in energy sector, led the consortium of Dutch Development Bank FMO and government sponsored investment funds, Swedfund and Norfund.
With this funding round complete, d.light says it enabled some of its earliest investors to exit. In the past 2 years, d.light has raised more than $100 million in equity and debt financing.
Since around 2007, d.light claims it has provided its off-grid solar solutions to more than 88 million people in 62 nations. The company aims to impact 100 million people through its products by 2020. Now, it expects to achieve this goal ahead of schedule.
“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,” said Inspired Evolution Managing Partner, Wayne Keast.
In March 2018, European Investment Bank allocated $25 million to d.light to develop and install off-grid solar kits in Sub-Saharan Africa (see $25mn Financing For African Off-Grid Solar).
Off-grid solar solutions business is thriving in regions where a major chunk of population doesn’t have access to electricity, and it is turning out to be an empowering tool for the local populace. A July 2018 Global Off-Grid Lighting Association (GOGLA) report showed significant impact of off-grid and solar home systems on socio-economic lives of East Africans (see Off-Grid PV Helping Economic Upliftment In Africa).