Kenya’s pay as you go solar kit business, d.Light, has received Sh1.84 billion capital injection from a consortium of lenders to help accelerate its growth in Africa.
The equity injection by two responsAbility-managed funds, SunFunder, DWM and SIMA will enable the company expand its product line and enter new markets to reach more customers.
“Significant amounts of capital are required to enable us to continue providing these financing plans for our customers as we grow.
“We are thankful for the continued support of our funding partners to enable us to create a brighter future for the families we serve,” said d.light chief executive and co-founder Ned Tozun in a statement on Monday.
The new capital injection comes barely a few months after three European government funds injected Sh4.1 billion into d.Light.
Firm co-founder and chief executive Ned Tozun said the funding 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 company said the financing was organised by Inspired Evolution, an Africa-focused investment advisory firm specialising in the energy sector.
In April, the firm opened a regional office and service centre in Eldoret as part of the company’s expansion strategy to reach and impact 100 million lives globally by 2020.
Located at KIPPS Plaza, Iten road, the office and service centre has been opening daily including weekends and public holidays.
The centre will offer sales services and after sales services for d.Light’s products including solar home systems and portable solar powered lanterns.