OP Finnfund Global Impact Fund I in off-grid solar deal
d.light, a leading innovator of solar energy products, announced that it had raised $7 million in equity financing from the OP Finnfund Global Impact Fund I. This latest funding will enable expansion of the company’s solar and pay-go consumer finance business in Africa.
Since its founding in 2006, d.light has provided solar energy to more than 125 million people in 70 countries.
Its extensive product line ranges from affordable portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances, including a flat-screen television.
Commenting on the investment, d.light co-founder and CEO Ned Tozun said, “We are excited to have OP Finnfund Global Impact Fund I as a d.light shareholder. The fund’s alignment with our mission and commitment to job creation and development, makes them an ideal partner for d.light as we begin our next phase of growth. We have great confidence that we will continue to accelerate and deepen this impact, as we expand our geographic footprint and product portfolio to delight our customers. The future is truly bright for d.light and the off-grid solar industry as a whole.”
“OP Finnfund Global Impact Fund I targets substantial positive impacts on, for instance, climate change, food security, gender equality, and the availability of financing,” says Finnfund’s associate director, head of energy and infrastructure portfolio Jussi Tourunen. “The way that developing countries meet their rapidly growing energy demand will be crucial for global efforts to curb climate change and we are happy to support d.light’s expansion with this investment.”
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