This archive report was first published on 2 July 2019.
On July 2, 2019, d.light, a leading manufacturer and provider of solar power products, announced a significant investment of $18 million from a consortium of lenders focused on the renewable energy space.
The financing, which includes two responsAbility-managed funds, SunFunder, DWM, and SIMA, will be used to expand d.light's operations across Africa, drive growth, and increase access to clean energy for millions of people.
Since 2007, d.light has brought solar power to nearly 100 million people without access to reliable electricity, generating 171 GWh of renewable energy in the process.
d.light's CEO and co-founder, Ned Tozun, stated, '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' Antonia Schaeli, Principal – Direct Investments Energy Debt, added, '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.'
Avi Jacobson, Senior Investment Officer at SunFunder, also commented, 'SunFunder is proud to deepen its long-term relationship with d.light. It is inspiring to work with an industry leader that positively impacts so many lives globally.'
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.'
