EIB provides USD 25m to d.light for off-grid solar in Africa

The European Investment Bank (EIB) on Monday announced USD 25 million (EUR 20.2m) in financing for off-grid solar company d.light design to improve energy access in Africa.

The financing will help d.light deploy 10 million solar kits in sub-Saharan Africa within five years. The kits, provided on pre-payment basis, include solar panels and lamps, as well as low-energy equipment such as radios and TVs. The project will focus on rural and suburban populations and micro-entrepreneurs. The solar kits will initially be installed in Ethiopia, Kenya, Nigeria, Tanzania and Uganda.

In January 2017, d.light raised USD 10.5 million from KLP Norfund Investments and from Beyond the Grid and Shell Foundation. This followed USD 22.5 million Series D and USD 7.5 million debt funding rounds.

(USD 1 = EUR 0.810)

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