Mirova SunFunder announced a new $50 million investment for d.light, a pioneering manufacturer and provider of clean energy products, from a consortium of lenders. The investment is structured as a balance sheet debt facility and will enable continued expansion of the company’s solar and pay-as-you-go consumer finance business in Africa and the launch of new innovative products.
The investors include Mirova SunFunder, TDB (Trade and Development Bank) and FMO, the Dutch entrepreneurial development bank. Mirova SunFunder and TDB co-arranged the facility.
“d.light and SunFunder have been partners for nearly 10 years. We have seen d.light transform over 125 million lives with their products and are happy to have been part of their journey of building a future of clean energy for all. We are delighted to have co-led this syndicate of proactive lenders who worked together with one common goal: to provide d.light with additional capital to transform the lives of 1 billion people with sustainable products by 2030,” stated Collins Kuindwa, who led the transaction for Mirova SunFunder.
In addition to the $238 million off balance sheet facility and other financings closed in the last 6 months, this brings total capital raised for d.light in 2022 to over $300 million. Since its founding, d.light has provided solar energy to more than 125 million people in 70 countries. Their extensive product line ranges from extremely affordable portable solar lanterns to solar home systems and appliances such as TVs, fans, and smartphones.