Firm raises Sh4 billion for solar business
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.
SEE ALSO :Google signs deal in Asia to power data centre
“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.”
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.
SEE ALSO :Is the country ready to run on renewables?
SolarSolar company D.lightInspired EvolutionD.light