Three European government funds Monday injected Sh4.1 billion into Kenyan pay-as-you-go solar kit business, d.Light.
Firm co-founder chief executive Ned Tozun said the equity injection by SwedFund, Norfund and Dutch Development Bank FMO gave d.light new impetus to expand into new markets and increase product lines to reach more customers.
The firm said the financing was organised by Inspired Evolution, an Africa-focused investment advisory firm specialising in the energy sector. It also facilitated exit of some of d-light’s earliest investors.
Inspired Evolution managing partner Wayne Keast said growing uptake of d.light’s products by some of the 600 million people in Africa without access to electricity had informed the investment.
“We are excited to partner with d.light and will support the expansion of their Pay-Go solar business throughout Africa which will help address the needs of more than 600 million people that do not have access to electricity,” he said.