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.