Mirova SunFunder co-leads $50 million investment for d.light
We are pleased to announce a new $50 million investment for d.light, a pioneering manufacturer and provider of clean energy products, from a consortium of lenders including Mirova SunFunder, TDB (Trade and Development Bank) and FMO, the Dutch entrepreneurial development bank. Mirova SunFunder and TDB co-arranged the facility.
The investment is structured as a balance sheet debt facility and will enable continued expansion of the company’s solar and pay-as-you-go consumer finance business in Africa and the launch of new innovative products.
“d.light and SunFunder have been partners for nearly 10 years. We have seen d.light transform over 125 million lives with their products and are happy to have been part of their journey of building a future of clean energy for all. We are delighted to have co-led this syndicate of proactive lenders who worked together with one common goal: to provide d.light with additional capital to transform the lives of 1 billion people with sustainable products by 2030.”
Collins Kuindwa, who led the transaction for Mirova SunFunder
In addition to the $238 million off balance sheet facility and other financings closed in the last 6 months, this brings total capital raised for d.light in 2022 to over $300 million. Since its founding, d.light has provided solar energy to more than 125 million people in 70 countries. Their extensive product line ranges from extremely affordable portable solar lanterns to solar home systems and appliances such as TVs, fans, and smartphones.
“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 instalments 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 as we continue on our journey to impact a billion lives.”
Ned Tozun, d.light CEO and Co-founder
“TDB is pleased to be supporting d.light on their journey to impacting 1 billion lives. Through our triple bottom line approach, we ensure that every transaction we finance is sustainable in economic, social, and environmental terms in our member states. With ongoing CO2 emissions reductions for every household reached, this transaction will create significant environmental impact, while contributing to critical outcomes such as access to electricity, job creation, economic growth, increased health benefits, improved quality of education and more.”
Michel Awori, CEO of TDB
“The lack of access to energy continues to hold back social and economic development, particularly in Sub-Saharan Africa. As such, supporting off-grid renewable energy solutions is key to FMO’s strategy. As one of the leading providers of solar home systems and an existing FMO equity investee, we are happy to continue to support d.light on its future growth trajectory. By denominating part of our commitment in local currency, our financing is intended to de-risk the company’s balance sheet, and make it more resilient to potential shocks.”
Marina Pannekeet, Manager Energy Eastern & Southern Africa at FMO