KENYA – d.light, a solar home systems supplier, has raised US$10 million from Proparco, the subsidiary of the French Development Agency (AFD) group responsible for private sector financing.
d.light will use this investment to develop its activities worldwide, particularly in Africa.
Proparco enters the capital of d.light. The subsidiary of the French Development Agency (AFD) group has invested in this supplier of solar home systems as part of a fundraising operation.
Proparco is thus injecting 10 million dollars into a fast-growing company providing an essential service, access to electricity.
The company, founded by Ned Tozun and Sam Goldman, offers kits ranging from solar lanterns to solar home systems, capable of powering several LED light bulbs, as well as mobile phones and a radio or small television.
In Africa, this equipment is mainly distributed in rural areas where households have limited purchasing power and low access to electricity.
The distribution of solar home systems is facilitated by pay-as-you-go, which in turn is facilitated by mobile banking, available everywhere, even in remote areas.
“Proparco’s alignment with our mission and its commitment to job creation and development make it an ideal partner for d.light as we enter our next phase of growth,” said Ned Tozun, d.light’s co-founder, president and CEO.
“We are confident that we will continue to accelerate and deepen this impact as we expand our geographic presence and product portfolio to satisfy our customers.”
To date, the company founded in 2006 is present in at least 70 countries around the world, many of them in Africa. In these countries, d.light supports electrification policies.
The company, based in San Francisco, California (USA), claims to have up to 100 million customers, with 30,000 points of sale worldwide. d.light wants to electrify 1 billion people by 2030.
In February this year, d.light raised US$11.9 million to power its expansion in Kenya as it eyes a bigger share of the solar energy market.
Delhi based d.light design, which provides affordable lighting and power solutions raised the funds from Norfund, the Norwegian Investment Fund for Developing Countries, through its capital raising vehicle Brighter Life Kenya 1 Limited (BLK1).