Kenyan based off-grid solar provider, d.light, has secured US$10 million equity financing from Proparco.
With the help of this funding, d.light is empowered to pursue the expansion of the company’s solar and Pay-Go consumer finance business round the African continent.
Speaking on the investment, Ned Tozun, co-founder and CEO of d.light explained that:
“We are excited to have Proparco as a d.light shareholder. Proparco’s alignment with our mission and commitment to job creation and development makes them an ideal partner for d.light as we begin our next phase of growth. We have great confidence that we will continue to accelerate and deepen this impact, as we expand our geographic footprint and product portfolio to delight our customers. The future is truly bright for d.light and the off-grid solar industry as a whole.”
Head of Equity, Proparco – Africa & Middle East, Damien Braud, said,
“Supporting companies dedicated to improving access to clean, reliable and affordable energy is one of Proparco’s top priorities. We are impressed by d.light’s track record in meeting evolving customer needs for access to electricity across both Africa and Asia.”
“Their experienced team has developed efficient sales and distribution channels in these markets and continues to expand their product range. We look forward to supporting the company to realize its growth ambitions.”
Founded in 2006 by Mr Tozun and Mr Goldman, d.light has been providing solar energy to several communities, covering more than 100 million people in 70 countries.
d.light prides itself with a range of extremely affordable products, from portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances, including a flat-screen television.
d.light’s solar products have received multiple international awards and recognitions for their innovation and design. The company claims its products are sold through more than 30,000 outlets around the world.
Proparco is the private sector financing arm of Agence Française de Développement Group (AFD Group).
The firm has been promoting sustainable economic, social and environmental development for over 40 years; providing funding and support to both businesses and financial institutions in Africa, Asia, Latin America and the Middle-East.