African-focused clean energy advisory firm Inspired Evolution is leading a consortium of equity investors injecting US$41million into solar lighting kits manufacturer and distributer d.light.
Inspired Evolution’s Evolution II Fund invested US$18 million alongside US$10.6 from the Dutch Development Bank (FMO), US$7.5 million from Swedfund International and US$5 million from the Norwegian Investment Fund for Developing Countries (Norfund).
The latest funding round enables the expansion of the solar and pay-as-you-go consumer finance business in Africa, brings the total amount of equity and debt that d.light has raised in the past two years to over US$100 million.
Evolution II managing partner Wayne Keast said the new capital with receivable funding would provide innovative financing for solar products across Africa.
He said Evolution II was working with solar developers to provide electricity to over 600 million people who lack access to power.
The profitability of d.light continues to accelerate at an impressive rate as the firm commands good market share in emerging markets in Africa and Asia.
The investment combined with solid debt financing and receivables funding solutions will put the company on greater steeper growth trajectory.
“Inspired Evolution team’s energy expertise, strong network and investor base adds significant value to the work of d.light, allowing us to expand our product line, launch in new markets and reach more customers,” said d.light’s Chief Executive Officer Ned Tozun.
Founded in 2007, d.light has through five distribution hubs in East Africa, West Africa, India, Southeast Asia and the US has provided portable and off-grid solar lighting and power systems to 88 million people in 62 countries.
It provides portable solar lanterns and solar home systems that can power multiple lights, mobile phones, and small appliances, including flat-screen televisions.