d.light, pay-as-go solar system manufacturer and financier which brought solar power to nearly 100 million people without access to reliable electricity since 2007 has raised $18 million investment to expand its operations across Africa.
The firm operates in Kenya, Uganda, Tanzania, Ethiopia and Nigeria and the additional funding will enable the company to expand its product line, enter new markets and reach even more customers in Africa.
The investment was from a consortium of lenders including two responsAbility-managed funds, SunFunder, DWM and SIMA. d.light has already using pay-as-you-go financing solutions and generating 171 GWh of renewable energy in the process.
According to d.light CEO and co-founder Ned Tozun, “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.”
Speaking on behalf of responsAbility Investments, Antonia Schaeli, Principal – Direct Investments Energy Debt, explained: “Financing d.light’s innovative pay-as-you-go solar business, particularly in Africa, allows our funds to ensure people gain access to energy in a way that safeguards our climate. As an existing lender, responsAblity is excited to be part of d.light’s further expansion.”
d.light’s Chief Financial Officer Adrian Bock noted, “We are both proud and humbled by the continued support of the funders. We have been able to attract over $50M of debt funding in the recent past, excluding this latest tranche, on the back of our continued focus on financial discipline and operational excellence to ensure consistent profitability while accelerating our overriding mission of providing clean accessible energy for all. We continuously test ourselves and look to improve the way we do business for the benefit of our stakeholders and look forward to also working with our funders in this regard.”