This archive report was first published on 1 July 2019.
July 1, 2019 - d.light, a pioneering pay-as-go solar system manufacturer and financier, has made significant strides in bringing solar power to millions of people in Africa. With a history dating back to 2007, the company has now raised $18 million in investment to further expand its operations across the continent.
The additional funding will enable d.light to expand its product line, enter new markets, and reach even more customers in Africa. The company currently operates in Kenya, Uganda, Tanzania, Ethiopia, and Nigeria.
d.light has already made a significant impact, using pay-as-you-go financing solutions to generate 171 GWh of renewable energy. This innovative approach has enabled off-grid customers to pay for solar lighting products in affordable installments using various mobile payment options.
d.light CEO and co-founder Ned Tozun emphasized the importance of the investment, stating, “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.”
responsAbility Investments, a consortium of lenders, provided the investment. Antonia Schaeli, Principal – Direct Investments Energy Debt, explained the significance of the investment, saying, “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, responsAbility is excited to be part of d.light’s further expansion.”
d.light’s Chief Financial Officer Adrian Bock noted the company’s commitment to financial discipline and operational excellence, stating, “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.”
