Swedfund announced on December 29th, 2022 an additional investment in d.light (1.9mn USD). d.light is a company providing affordable off-grid solar electricity to people living without access to reliable and clean energy in Africa and India. Swedfund’s funding will be used for supporting the company’s further expansion.
Against the backdrop of a challenging macroeconomic and financial environment, high inflation disproportionately affects the most vulnerable. More Africans are lacking electricity in 2022 than in 2019 and electricity services are now unaffordable for up to 30 million people who had previously gained access to power. The lack of access to electricity is both a root cause and a consequence of poverty. With this latest investment, Swedfund asserts its continued commitment toward eliminating poverty and fostering economic growth in Africa and India.
Since Swedfund’s original investment in December 2018, d.light has expanded from Kenya and India to new geographies such as Uganda, Tanzania, and Nigeria, and has also introduced new products and services. In addition to off-grid solar home systems to people living without access to reliable and clean energy, the company also offers products such as radios and TVs, smartphones, solar inverter, and clean cookstoves, that contribute to d.light’s mission of transforming lives. By 2022, d.light has provided energy access to 137 million people via solar products.
-We are happy to be able to support d.light with additional financing in order for the company to continue its further expansion. Access to affordable and reliable electricity is an important driver to reduce poverty and help support job creation, says Gunilla Nilsson, Investment Director Energy & Climate at Swedfund.
Since the first investment from Swedfund in 2018, Swedfund has supported d.light with technical assistance. For example, In Q2 2022, Swedfund’s Women4Growth core training module was delivered to d.light in Kenya, contributing to the company’s efforts to advance women’s empowerment and gender equality within the workplace. In 2021 / 2022, Swedfund also collaborated with d.light in electrifying 250 rural health facilities in Kenya with sustainable solar power solutions (manufactured by d.light). The purpose was to improve conditions for local healthcare provision, thereby helping to mitigate the impact of Covid-19 and the resulting socio-economic fallout at the base of the pyramid.
Source: Swedfund