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Nigeria Solar Energy Startup ‘d.light’ gets $7 Million in Equity Financing

A Nigeria solar energy innovator, d.light, has announced its $7 million equity financing raised from OP Finnfund Global Impact Fund I. to expand its solar and Pay-Go consumer finance business across Africa.

Commenting on the investment, Ned Tozun, d.light co-founder and CEO 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.”

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Jussi Tourunen, Finnfund’s associate director, head of energy and infrastructure portfolio noted that OP Finnfund Global Impact Fund I targets substantial positive impacts on, for instance, climate change, food security, gender equality, and the availability of financing.

Tourunen stated that the way developing countries meet their rapidly growing energy demand will be crucial for global efforts to curb climate change and the company is happy to support d.light’s expansion with this investment.

Since its founding in 2006, d.light has provided solar energy to more than 125 million people in 70 countries. The company’s extensive product line ranges from extremely affordable portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances, including a flat-screen television.

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