d.light raises US$22.5 million to expand PayGo Business into new markets


d.light, a for-profit social enterprise that manufactures and distributes solar lighting and power products, has secured US$22.5 million to expand its PayGo Business into new off-grid solar markets.

The funds will be used to ramp up sales for its D30 solar home system, and launch new products to market that can power other appliances, like TVs and fans.

This will support its mission of providing solar energy solutions for households and small businesses around the world, transforming the way off-grid families use and pay for power.

“Our solar products have enabled tens of millions of customers to significantly enhance their homes and supplement their incomes. With this funding, we look forward to helping even more people living off the grid to achieve better quality of life through solar ownership,”
said Ned Tozun, d.light CEO.

Corroborating his assertions, d.light CFO Kamal Lath said, “Consumer financing for solar home systems makes the technology significantly more affordable for our customers. This funding will enable more families and business owners to enjoy access to the affordable, clean and reliable solar energy solutions they need to improve their quality of life.”

d.light secured part of the funds from KawiSafi Ventures Fund, Energy Access Ventures, Omidyar Network and NewQuest Capital Partners – a US$15 million in Series D equity.

Also, it secured debt funding of US$2.5 million from SunFunder, and over US$5 million in grant funding.

Shell Foundation, the U.S. Agency for International Development – Development Innovation Ventures (USAID-DIV) and United Nations Capital Development Fund (UNCDF) contributed to the funding round.

“We’re extremely grateful for the partnership of such esteemed investors as we work to make solar and energy available for all households in the developing world,” added Ned Tozun.

Founded in 2006, d.light has impacted over 65 million lives with its products through its five distribution hubs in East Africa, West Africa, India, Southeast Asia and the United States.

Its aims is to empower 100 million people with affordable and reliable solar by 2020.

Sponsored Links

Related posts