Finance

d.light secures $10mln expansion financing from Proparco

Thursday, 27 May 2021 16:27
d.light secures $10mln expansion financing from Proparco

(Ecofin Agency) - After raising $61 million in 2020 to finance its deployment in Kenya, the solar home systems supplier d.light is pursuing its expansion across Africa with the aim of reaching 1 billion people by 2030.

As part of this strategy, the company has just secured $10 million in financing from French group Proparco. “Proparco’s alignment with our mission and its commitment to job creation and development make it an ideal partner for d.light as we enter our next phase of growth. We are confident that we will continue to accelerate and deepen this impact as we expand our geographic presence and product portfolio to satisfy our customers,” says Ned Tozun, d.light’s co-founder, president and CEO.

The financing comes a year after the solar home systems provider secured $61 million to support its expansion in Kenya. The resource was provided by a group of financial institutions including the Development Finance Corporation (DFC).

d.light, which claims to have provided solar energy to more than 100 million people in 70 countries since its inception in 2006, wants to reach 1 billion people by 2030.

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