SunFunder expands relationship with d.light with $5m investment
We are supporting d.light’s growth across Africa with a new $5m working capital loan. The investment is part of the company’s new $18m senior debt round, alongside Developing World Markets, SIMA and responsAbility.
d.light, an established manufacturer and distributor of off-grid solar products, has been a customer of SunFunder since 2015. To date, we have completed four debt facilities together over our nearly 5-year relationship. The current $5m facility will support their corporate finance strategy for sustainably expanding their pay-as-you-go (PAYG) business.
“SunFunder is proud to deepen its long-term relationship with d.light. It is inspiring to work with an industry leader that positively impacts so many lives in over sixty countries,” said Avi Jacobson, Senior Investment Officer, who led the transaction for SunFunder.
Since 2007, d.light has brought solar power to 94m people without access to reliable electricity. The company aims to reach 100m people globally by 2020. Additionally, their impact has resulted in 171 GWh of solar electricity generated and 22m tons of CO2e offset cumulatively.
The working capital funds will enable d.light to broaden the reach of their PAYG financing solutions across multiple markets, including Kenya, Uganda and Nigeria. This expansion will increase end-users’ ability to access larger solar systems that provide a higher level of service than single lighting units. SunFunder’s investments helped finance the launch of d.light’s PAYG business in 2015.
“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,” commented Ned Tozun, CEO and cofounder of d.light. “We are thankful for the continued support of our funding partners to enable us to create a brighter future for the families we serve.”
d.light sells its solar products in more than 60 countries. The company has four hubs in Africa, China, South Asia and the U.S. and employs 1,000 staff and 3,000-5,000 commissioned agents across its operations.
Photo credit: d.light