Status: Approved investment
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FMO is committed to making publicly available relevant investment information that informs stakeholders and enables them to engage directly with FMO on its investments which, in turn, enhances our investment decisions, the design and implementation of projects and policies, and strengthens development outcomes. Learn more

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The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.

Who is our customer

d.light is a leading off-grid energy provider that offers a range of solutions to lower income households, from small solar-lanterns to pay-as-you-go (“PAYGO”) solar home systems. d.light has its headquarters in Nairobi and mostly sells and finances these products in East Africa and India, thereby providing a sustainable alternative to polluting kerosene lanterns and other fossil fuel based alternative energy sources.

What is our funding objective?

FMO is investing up to EUR 10 million along with Swedfund and Norfund and lead-investor Evolution II Fund, Inspired Evolution Investment Management's second fund. Funding is to provide the company with the necessary capital to allow the company’s further growth and further consolidate its position as market leader.

Why do we fund this investment?

The project has a high developmental impact as d.light provides solar solutions to lower income households in Africa and South-Asia, thereby positively impacting electrification, environment, health and employment. Financing renewable energy production is in the core of FMO's strategy.

What is the Environmental and Social categorization rationale?

The investment is classified as E&S category B due to minimal negative impact on the environment.

More investments

Date Total FMO financing
11/30/2018 USD 7.50 MLN
Effective date
Total FMO financing
USD 3.14 MLN
Building Prospects
Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk Environmental & Social Category
(A, B+, B or C)