Evolution II Fund closes $41m funding round
Africa-focused investment advisory firm Inspired Evolution led a $41-million equity investment by its Evolution II Fund and other consortium partners into Africa-focused solar business d.light.
Evolution II invested $18-million alongside $10.6-million from the Dutch Development Bank FMO, $7.5-million from Swedfund and $5-million from Norfund.
This latest funding, which allows for the expansion of d.light’s solar and Pay-Go consumer finance business in Africa, brings the total amount of equity and debt that d.light has raised in the past two years to over $100-million.
“We are excited to partner with d.light, the market leader in the portable solar product and off-grid solar home system market, to 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,” Evolution II managing partner Wayne Keast said in a statement on Thursday.
“This new capital and receivable funding will provide innovative financing for solar power products to a vast number of previously unbanked people in emerging and growth markets,” he added.
Evolution II Fund’s current investors include the Dutch Development Bank FMO, the Global Energy Efficiency and Renewable Energy Fund, the Swiss Investment Fund for Emerging Markets managed by Obviam, Quantum Power, the African Development Bank, Swedfund and the Finnish Fund for Industrial Cooperation.
Comments
The
functionality
you are trying to access is only available to subscribers.
If you are already a subscriber, you can Login Here.
If you are not a subscriber, you can subscribe now, by selecting one of the below options.
For more information or assistance, please contact us at subscriptions@creamermedia.co.za.
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation