French development finance institution Proparco said Tuesday it will pick up an equity stake in solar energy products company d.light to help it expand its solar and the Pay-Go consumer finance businesses in Africa.
Proparco said it will invest $10 million in d.light. It didn’t specify the size of the stake it is picking up.
“We are impressed by d.light’s track record in meeting evolving customer needs for access to electricity across both Africa and Asia,” said Damien Braud, head of equity for Africa and Middle East at Proparco. “Their experienced team has developed efficient sales and distribution channels in these markets and continues to expand their product range.”
The solar energy company was founded by Ned Tozun (CEO) and Sam Goldman in 2006. It came up with its first commercial solar product in 2008.
d.light has provided solar energy to more than 100 million people in 70 countries across Africa and South Asia. Its product line ranges from portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances. Its solar products are sold through more than 30,000 outlets around the world.
The company has raised funding from a string of impact investors as well as private equity and venture capital investors. Its backers include NewQuest Capital Partners, Nexus Venture Partners, FMO, Swedfund, Norfund, Omidyar, European Investment Bank, Energy Access Fund, responsAbility, Acumen and Shell Foundation.
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