EFFORTS to promote access to renewable energy in the African continent have received an investment boost of U$18 million from a consortium of lenders.
D.light, a pioneering manufacturer and provider of solar power products, has secured the funding.
The financing will be used to further grow D.light’s operations across Africa.
It will enable the company to expand its product line, enter new markets and reach more customers.
Ned Tozun, D.light Chief Executive Officer and co-founder said the investment underpinned the catalytic role of the company in making available clean, reliable solar energy solutions through the pay-as-you-go business model that enabled off-grid customers to pay for solar lighting products in affordable installments using various mobile payment options.
He said significant amounts of capital were required to enable their company to continue providing these financing plans for customers.
“We are thankful for the continued support of our funding partners to enable us to create a brighter future for the families we serve,” Tozun said.
D.light has been able to attract over $50 million of debt funding in the recent past, excluding this latest tranche,
It 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.
Antonia Schaeli, Principal – Direct Investments Energy Debt at ResponsAbility Investments, said financing D.light’s solar business, particularly in Africa, allowed their funds to ensure people gained access to energy in a way that safeguards our climate.
Avi Jacobson, Senior Investment Officer at SunFunder, said the company was proud to deepen its long-term relationship with D.light.
Source. CAJ News Africa