Swedfund makes follow-on investment in solar company

Swedfund has announced an additional investment of $1.9 million in d.light, a company providing affordable off-grid solar electricity to people living without access to reliable and clean energy in Africa and India. This funding will be used to support d.light’s continued expansion.

In the face of a challenging macroeconomic and financial environment, high inflation disproportionately affects the most vulnerable. The number of Africans without electricity has increased since 2019, and electricity services have become unaffordable for up to 30 million people who had previously gained access to power.

Since Swedfund’s initial investment in December 2018, d.light has expanded from Kenya and India to new territories such as Uganda, Tanzania, and Nigeria. The company has also introduced new products and services. In addition to off-grid solar home systems for people living without access to reliable and clean energy, d.light offers products like radios and TVs, smartphones, solar inverters, and clean cookstoves.

”We are happy to be able to support d.light with additional financing so the company can continue its expansion. Access to affordable and reliable electricity is an important driver to reduce poverty and help support job creation,” says Gunilla Nilsson, investment director for energy and climate at Swedfund.