Solar product distributor d.light has raised another US$10.5 million, bringing its total to US$40 million in four months for off-grid ventures in Africa and Asia.
The company uses Pay-as-you-Go (PayGo) financing solutions to distribute solar-generating products to those in low-income families, often in remote communities. Off-grid solar is an ideal solution in such situations, with renewables being obvious choices for the construction of mini-grid and off-grid projects as they do not have the prerequisite of connectivity to a centralised or national electricity transmission line.
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US$5 million was raised in equity from Norwegian state-owned investor Norfund and US$5.5 million in grant funding from Beyond the Grid and Shell Foundation.
“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 Ned Tozun, d.light CEO. “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.”
Most recently, d.light raised US$22.5 million Series D funding and US$7.5 million in debt funding.