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Solar energy enterprise, d.light has raised a combined US$10.5-million in funding from Norfund (US$5-million in equity) and Beyond the Grid and the Shell foundation (US$5.5-million in grant funding).
“Norfund invests in profitable and sustainable enterprises that contribute to economic growth and poverty alleviation. Access to energy is a key input for development, and we believe energy mix for the foreseeable future also will include off-grid solutions, in particular for rural households and businesses,” said head of clean energy investments of Norfund, Mark Davis in a press release.
“As the leading provider of off-grid solutions in emerging markets, d.light is a good addition to our energy portfolio, mostly consisting of utility-scale projects connected to the grid,” he continued.
“In countries where energy access is low for the vast majority, solar has the ability to impact people living there in a multitude of ways. We are proud to support d.light’s work to bring solar-powered solutions to rural households in these countries,” concluded Davis.
d.light’s current funding will enable them to expand into other nations
d.light has also concluded US$22.5-million in Series D funding and US$7.5-million debt funding rounds. This new investment will help the solar energy company expand their operations and meet their goal of providing off-grid power to low-income families in Africa and Asia, utilising Pay-as-you-Go financing methods.
“We are deeply grateful for the support of the investors in this latest funding round, which will help us empower more people in these regions,” said d.light CEO Ned Tozun. “The demand for off-grid solar is taking off, and we’re now well prepared to meet the needs of customers who need our products the most,” he continued.
CFO of d.light, Kamal Lath also commented on their success. “We’re thankful to our investors for this support, which helps d.light accelerate development and distribution of our increasingly popular solar home systems and portable solar products. By enabling us to build on our product offerings, this funding helps us empower people to improve their quality of life.”