Pre-pay solar energy provider d.Light’s regional expansion plans have received a huge boost after responsAbility Investments managed lenders SunFunder, DWM and SIMA pledged Ksh. 1.84 billion into the company.
The capital injection according to the Company will be used to expand the firm’s product line in an effort to capture more customers in the new markets.
“Significant amounts of capital are required to enable us to continue providing these financing plans for our customers as we grow. We are thankful for the continued support of our funding partners to enable us to create a brighter future for the families we serve,” said d.Light Chief Executive and co-founder Ned Tozun in a statement on Monday.
According to a news report by Capital FM, Direct Investments Energy Debt Principal Antonia Schaeli – who was speaking on behalf of responsAbility Investments, lauded the initiative that will go a long way in delivering affordable solar solutions to people in developing nations.
“Financing d.light’s innovative pay-as-you-go solar business, particularly in Africa, allows our funds to ensure people gain access to energy in a way that safeguards our climate. As an existing lender, responsAblity is excited to be part of d.light’s further expansion,” Ms. Schaeli said.
The funding mirrors a similar injection of Ksh. 4.1 billion that was made to the pay as you go solar provider in April by SwedFund, Norfund and Dutch Development Bank to augment the solar company’s expansion plans.
In the same month, the firm opened a regional office and service centre, that offers sales and after sales services, in Eldoret in line with the company’s vision to expand its local and regional footprint to serve 100 million people globally by next year.
The solar energy provider similarly opened a service center in Kisumu in June to serve the firm’s growing market in the Nyanza region.