d.light raises US$10.5 million for off-grid solar

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
For-profit social enterprise d.light has raised more funds for its off-grid solutions business, to provide electricity access to rural communities. Source: d.light

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.

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. 

6 October 2021
The future is bright for a new era of US solar and storage, and the 8th annual Solar & Storage Finance Summit will provide opportunities to discuss solutions to the industry’s challenges and provide a networking platform designed to bring together the top minds in the industry to do business. With a mix of high-level, informative presentations and panels, a stellar cast of speakers and audience members with deal-making capacity, the 2021 edition of the event will be a sell-out success.

Read Next

September 16, 2021
Energy engineering firm Babcock & Wilcox is to enter the US solar market through the acquisition of a majority stake in Illinois-based solar contractor Fosler Construction.
September 16, 2021
North American module manufacturer Silfab Solar has received an investment led by private equity firm ARC Financial Corp to help scale up its US PV production footprint.
September 14, 2021
Polish renewables developer PAD-RES is to be acquired by a joint venture established by real estate investor Kajima and private equity firm Griffin Real Estate.
September 13, 2021
The US House of Representatives has finally unveiled proposals which would extend the Solar Investment Tax Credit (ITC) for 10 years at 30%, but only for projects meeting certain labour conditions.
September 10, 2021
Renewables investor Magnora has increased its stake in Helios Nordic Energy as the Swedish solar developer looks to add 1GW to its pipeline by the end of next year.
PV Tech Premium
September 10, 2021
With inaccurate irradiation data potentially impacting profitability estimates of PV projects in Africa, calls have been made for solar players to invest in more accurate measurement tools and work together to support the commercial and industrial (C&I) sector’s growth.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK
Solar Media Events
December 1, 2021