“As one of the leading providers of solar home systems and an existing FMO equity investee, we are happy to continue to support d.light on its future growth trajectory. As such, supporting off-grid renewable energy solutions is key to FMO’s strategy,” said Marina Pannekeet, Manager Energy Eastern & Southern Africa at FMO. “The lack of access to energy continues to hold back social and economic development, particularly in Sub-Saharan Africa. “ We are delighted to have co-led this syndicate of proactive lenders who worked together with one common goal: to provide d.light with additional capital to transform the lives of 1 billion people with sustainable products by 2030.” We have seen d.light transform over 125 million lives with their products and are happy to have been part of their journey of building a future of clean energy for all,” said Collins Kuindwa who has led the transaction for Mirova SunFunder. “d.light and SunFunder have been partners for nearly 10 years. With ongoing CO2 emissions reductions for every household reached, this transaction will create significant environmental impact, while contributing to critical outcomes such as access to electricity, job creation, economic growth, increased health benefits, improved quality of education and more” said Michael Awori, TDB CEO.Īs such, the facility will contribute to achieving SDG 7 affordable and clean energy, and SDG 13 climate action. Through our triple bottom line approach, we ensure that every transaction we finance is sustainable in economic, social, and environmental terms in our member states. “TDB is pleased to be supporting d.light on their journey to impacting 1 billion lives. This facility will enable further expansion of d.light’s solar initiatives, including via the pay-as-you-go (PayGo) consumer finance business model which allows improved reach to the most vulnerable and off-grid customers, while significantly reducing impact on the environment and the communities themselves.
Mirova SunFunder and TDB were co-mandated lead arrangers (co-MLAs) on the facility. TDB, along with a consortium of lenders including Mirova SunFunder and FMO, have extended a USD 50mn loan facility to d.light, a leading provider and manufacturer of clean energy products supporting the development of renewable energy spaces. Its backers include NewQuest Capital Partners, Nexus Venture Partners, FMO, Swedfund, Norfund, Omidyar, the European Investment Bank, Energy Access Fund, responsAbility, Acumen and Shell Foundation.Nairobi, 1 August 2022 – The Eastern and Southern African Trade and Development Bank (TDB) Group continues to finance clean, renewable, environmentally conscious energy sources, reducing the region’s carbon footprint by increasing the continent’s utilization of sustainable energy resources. The company has raised funding from a string of impact investors as well as private equity and venture capital investors. Its solar products are sold through more than 30,000 outlets around the world.
#Dlight energy portable#
Its product line ranges from portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances. The solar company said that, after reaching its founding goal of impacting 100 million lives by 2020, it has embarked on another ambitious target to impact 1 billion lives by 2030.įounded in 2006 at Stanford by CEO Ned Tozun and Sam Goldman, d.light provides distributed solar energy to households and small businesses in 70 countries across Africa and South Asia. It was supported by Evolution II, Shell New Energies, FMO, Norfund, Swedfund and KawiSafi Ventures, a $100-million private equity impact fund anchored by Green Climate Fund. We are now in a strong position to accelerate our plans to expand our Pay-Go operations and enter new product categories and markets in the near future,” said d.light co-founder and CEO Ned Tozun. “Thanks to our focus on financial discipline and operational excellence, d.light minimised the pandemic’s impact to our business. The fresh capital will bolster the company’s plans to grow its Pay-Go consumer finance business in key markets across Africa, d.light said. Solar products maker d.light has raised $15 million in equity capital from existing investors, led by Inspired Evolution, topping up the $10-million funding raised from Proparco in May.
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