d.light Raises $22.5 Million In Financing To Fund Global Solar Energy Solutions
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d.light, a global leader in solar solutions for those beyond the range of traditional and reliable electricity, has secured $22.5 million in financing to further grow its PayGo business, as well as support its mission of providing solar energy solutions around the world.
The company announced on Wednesday that it had secured $22.5 million in financing, made up of three distinct arrangements.
A total of $15 million was raised in Series D equity funding from KawiSafi Ventures Fund, Energy Access Ventures, Omidyar Network, and NewQuest Capital Partners, while another $2.5 million in debt funding was raised through SunFunder. Another $5 million in grant funding was also raised, thanks to key contributions from Shell Foundation, the U.S. Agency for International Development – Development Innovation Ventures (USAID-DIV), and United Nations Capital Development Fund (UNCDF).
“We are thankful for the support from these global organizations, which is instrumental for achieving our goal to bring safe and affordable energy to off-grid families,” said d.light CFO Kamal Lath. “Consumer financing for solar home systems makes the technology significantly more affordable for our customers. This funding will enable more families and business owners to enjoy access to the affordable, clean and reliable solar energy solutions they need to improve their quality of life.”
d.light counts itself as an early pioneer in the field of solar lighting and home systems, and as of August 2016 has provided solar systems available to over 65 million people — including 17 million school-aged children.
The company aims to raise the number of people impacted by its work to 100 million people by 2020.
“We’re extremely grateful for the partnership of such esteemed investors as we work to make solar and energy available for all households in the developing world,” said d.light CEO Ned Tozun. “Our solar products have enabled tens of millions of customers to significantly enhance their homes and supplement their incomes. With this funding, we look forward to helping even more people living off the grid to achieve better quality of life through solar ownership.”
“Energy Access Ventures works closely with companies bringing reliable energy access to rural and peri-urban areas, and d.light is the perfect addition to our portfolio,” added Dr. Michael H. Gera, Managing Partner of Energy Access Ventures, who will be joining the d.light board. “This is our largest investment to date, and we wholeheartedly believe in d.light’s efforts to raise more people up the energy access ladder.”
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