A consortium of renewable energy-focused lenders is providing debt funding totalling $18 million to a manufacturer of solar power products, d.light solar.
The consortium includes two responsAbility-managed funds, along with SunFunder, DWM and SIMA
The financing will be used to further grow the company’s operations across Africa, which it already brought solar power to nearly 100 million people without access to reliable electricity since 2007 using pay-as-you-go financing solutions and generating 171GWh of renewable energy in the process.
The additional funding will enable the company to expand its product line, enter new markets and reach even more customers, all of which will drive the company’s mission of making clean energy products universally available and affordable.
“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 instalments using various mobile payment options,” said d.light CEO and co-founder Ned Tozun.
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.”
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 $50 million 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.