D.light, a provider of solar-powered solutions, has raised $41 million. The amount came from a consortium led by Inspired Evolution. The other partners include FMO, Swedfund and Norfund.
According to d.light, they will use the funding to expand the company’s solar and Pay-Go consumer finance business in Africa.
"This investment combined with solid debt financing and receivables funding solutions will put the company on an even steeper growth trajectory".
d.light also raised $50 million in debt in April this year. The goal was to strengthen d.light's access to energy in Africa via solar kits. Starting off in Ethiopia, Kenya, Nigeria, Tanzania and Uganda.
The latest round brings the total amount of equity and debt that d.light has raised in the past two years to over US$100 million. The funding round also enabled some of the company’s earliest investors to achieve an exit.
Since its founding in 2007, "d.light has provided solar energy to more than 88 million people in 62 countries". The companies product line ranges from "extremely affordable" portable solar
lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances. Including a flat-screen television.
Established in 2007, Inspired Evolution is a specialized African investment advisory business. The firm focuses on two investment themes.
The first is clean energy infrastructure-type development and project finance investments. The other is energy and resource efficiency growth equity investments and the value chains that support them. They have offices in Cape Town, London, Nairobi and Mauritius.
They also advise two investment funds, Evolution One and Evolution II. Its investment territory covers the sub-Saharan African region.
FMO, on the other hand, is the Dutch development bank. It supports sustainable private sector growth in developing countries and emerging markets.