Firm raises Sh4 billion for solar business
News
By
Correspondent
| Dec 18, 2018
Solar company D.light said it has raised Sh4.1 billion in equity financing from a consortium led by an Africa-focused investment advisory firm Inspired Evolution.
The consortium’s partners include the Dutch Development Bank FMO as well as government-sponsored investment funds Swedfund and Norfund.
The cash will fund the firm’s expansion of solar and pay-go consumer business across Africa - bringing total equity and debt that D.light has raised in the past two years to over Sh10 billion.
The funding round has also enabled some of the company’s pioneer investors to achieve an early exit. “We are thrilled to have Inspired Evolution as the newest funding partner in the D.light family,” said the firm’s co-founder and Chief Executive Ned Tozun.
“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.”
READ MORE
Investing in women is a strategic imperative for sustainable development
What Kenya can do to boost its global coffee market standing
Why African cities will linger in the crosshairs of floods
Millers threaten to shut down over court order to increase cane prices
Mortgage refinancing is democratising home ownership in tough market
Why you might pay more rent soon
Court throws out Jogoo Road residents' suit to stop eviction
eCitizen targets Sh1b daily from 30 million subscribers
NSSF in new plan to expand into Sh1 trillion scheme in five years
Nairobi Innovation Week opens with call for stronger academia-industry ties
Managing Partner at Inspired Evolution Wayne Keast said the funding would support the expansion of their pay-go solar business throughout Africa.
It will also help address the needs of more than 600 million people that don’t have access to electricity on the continent.
The firm said that its pay-go financing system had one of the lowest delinquency rates in the industry.
Mr Tozun and Goldman expect the firm to impact on 100 million people by 2020.
- Why you might pay more rent soon
- Millers threaten to shut down over court order to increase cane prices
- eCitizen targets Sh1b daily from 30 million subscribers
- Miraa farmers sue Murkomen, KAA over Sh4,000 levy at JKIA
- Fuliza: Kenya eyes Sh160 billion loan from World Bank