USD 18 million from lender consortium for d.light solar’s African expansion
responsAbility further broadens off-grid solar portfolio
Nairobi and Zurich, 1 July 2019 — d.light solar, a pioneering manufacturer and provider of solar power products, today announced that it has secured debt funding totaling USD 18 million from a consortium of lenders with a focus on the renewable energy space including two responsAbility-managed funds, SunFunder, DWM and SIMA. The financing will be used to further grow d.light’s operations across Africa.
d.light solar has 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 171 GWh 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 installments using various mobile payment options. Significant amounts of capital are required to enable us to continue providing these financing plans for our customers as we grow. We are thankful for the continued support of our funding partners to enable us to create a brighter future for the families we serve," 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. As an existing lender, responsAblity is excited to be part of d.light’s further expansion.”
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 USD 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. We continuously test ourselves and look to improve the way we do business for the benefit of our stakeholders and look forward to also working with our funders in this regard.”
Senior Brand & Marketing Operations Manager – Africa
boyani.omwenga [at] dlight.com
+254 722 312 666
responsAbility Investments AG
ulli.janett [at] responsAbility.com
+41 44 403 06 33
About d.light (www.dlight.com)
Founded in 2007 as a for-profit social enterprise, d.light manufactures and distributes award-winning solar products designed to serve the more than 2 billion people globally without access to reliable electricity. With operations across Africa, Asia and the Americas, d.light has impacted close to 100 million lives with its products and solar solutions. For more information, visit www.dlight.com.
About responsAbility Investments AG (www.responsability.com)
A leading asset manager for impact investments in emerging economies, responsAbility manages USD 3 billion of assets through a range of investment vehicles that provide private debt and private equity to some 540 companies with inclusive business models across 90 countries. Founded in 2003, the company is headquartered in Zurich, Switzerland, and has local offices in Bangkok, Geneva, Hong Kong, Lima, Luxembourg, Mumbai, Nairobi, Oslo and Paris.