Teaming up with d.light to illuminate rural Africa and India

Zurich, 10 April, 2018 — Two responsAbility-managed debt funds and d.light, a global leader in delivering affordable solar-powered solutions to households in emerging markets, have signed an agreement for a USD 10 m working capital loan. The financing is designed to help scale d.light’s pay-as-you-go solar home system business.

Some 2 bn people in the developing world live without access to reliable energy. Electricity from off-grid solar systems has contributed to closing this supply gap and alleviating poverty, while providing users access to better education, clean water and improved healthcare in the process.

Within the maturing global off-grid solar market, d.light has established itself as one of the best-known providers of small energy systems. Over a decade of operation, the company has sold some 19 m products in over 62 countries. d.light offers the full range of products, from basic solar lanterns to solar home systems with appliances like TV and fan.

The company has built up a wide network of distribution partners including local retailers, microfinance institutions and multi-national distribution companies. This approach allows the company to efficiently address rural consumers according to the particularities of each market, reaching out to Indian customers via microfinance organisations and using retail channels in Kenya.

“We are thrilled to unlock debt financing at a significant scale, which takes us to the next level of our evolutionary journey,” said Ned Tozun, d.light co-founder and CEO. “We’ve been able to get to this stage thanks to an unyielding focus on financial discipline and operational excellence to ensure consistent profitability, which has enabled us to access large scale commercial debt financing.”

Speaking on behalf of responsAbility, Antonia Schaeli, Senior Investment Officer, Energy Debt Financing, said: “responsAbility-managed funds have been financing companies in the energy access space since 2015. We are pleased to support a successful pioneer like d.light in further scaling up their businesses and serve ever more clients with affordable, reliable and sustainable energy solutions.”

Contacts

responsAbility Investments AG
Ulli Janett, Media Relations
+41 44 403 06 33
ulli.janett [at] responsAbility.com ()

d.light design
media [at] dlight.com ()

About d.light design (www.dlight.com)
Founded in 2007 as a for­profit social enterprise, d.light manufactures and distributes award­winning solar lighting and power products designed to serve the more than 2 billion people globally without access to reliable electricity. Through five distribution hubs in East Africa, West Africa, India, Southeast Asia, and the United States, d.light has impacted over 80 million lives with its products. d.light is dedicated to providing the most reliable, affordable, and accessible solar lighting and power systems for the developing world, with the goal of reaching 100 million people by 2020.

About responsAbility Investments AG (responsAbility.com)
responsAbility Investments AG is a leading asset manager in the field of development investments that offers professionally managed investment solutions to private, institutional and public investors. The company supplies debt and equity financing to firms in emerging economies and developing countries, targeting the inclusive finance, renewable energy and sustainable agriculture sectors. responsAbility currently has USD 3 billion of assets under management invested in 540 companies in 90 countries.

Legal Disclaimer

This information was produced by responsAbility Investments AG together with its palartners with the greatest of care and to the best of its knowledge and belief. However, responsAbility Investments AG provides no guarantee with regard to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this information material are those of responsAbility Investments AG at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited. This material is provided for information purposes only. It does not constitute an offer or a recommendation to buy or sell financial instruments or services and does not release the recipient from exercising his/her own judgment. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law. Neither this information material nor any copy thereof may be sent, taken into or distributed in the United States or to any U. S. person. responsAbility Investments AG is not an investor and does neither provide direct nor indirect financing. The mentioned investments in the specific markets, countries, companies, institutions, instruments, or sectors are exclusively transacted by the investment vehicles managed or advised by responsAbility Investments AG. Every investment involves risk, especially with regard to fluctuations in value and return. Investments in foreign currencies involve the additional risk that the foreign currency might lose value against the investor's reference currency. It should be noted that historical returns and financial market scenarios are no guarantee of future performance.