Manufacturer and provider of solar power products, d.light, has announced an $18 million investment from a consortium of lenders with a focus on the renewable energy space. The lenders include two responsAbility-managed funds, SunFunder, DWM and SIMA
responsAbility is a leading asset manager for impact investments in emerging economies that manages $3 billion worth of assets through a variety of investment vehicles across 90 countries.
The financing will be used to further grow d.light’s operations across Africa.
d.light has already brought solar power to nearly 100 million people without access to reliable electricity since 2007 using pay-as-you-go financing solutions and generating 171 giga-watt hours (GWh) of renewable energy in the process.
Founded in 2007 as a for-profit social enterprise, d.light manufactures and distributes award-winning solar products designed to serve the more than 2 billion people globally without access to reliable electricity.
The additional funding will enable the company to expand its product line, enter new markets and reach even more customers, all of which will drive the company’s mission of making clean energy products universally available and affordable.
“The investment underpins the catalytic role of the company in making available clean, reliable solar energy solutions through the pay-as-you-go business model that enables off-grid customers to pay for solar lighting products in affordable installments using various mobile payment options,” said d.light CEO and co-founder Ned Tozun.
“Significant amounts of capital are required to enable us to continue providing these financing plans for our customers as we grow. We are thankful for the continued support of our funding partners to enable us to create a brighter future for the families we serve,” he added.
Speaking on behalf of responsAbility Investments, Antonia Schaeli, Principal for Direct Investments Energy Debt, explained that financing d.light’s innovative pay-as-you-go solar business, particularly in Africa, allows the company’s funds to ensure people gain access to energy in a way that safeguards climate.
“As an existing lender, responsAblity is excited to be part of d.light’s further expansion,” she said.