Shell buys stake in Kenyan firm in push to ramp investments in renewables

Shell New Energies energy, a subsidiary of the global oil major has acquired a minority stake in a leading Kenyan renewable energy firm, d.light as part of efforts to impact 100million lives, the company has said.

According to the renewable energy firm, Shell’s investment will support its next phase of continued profitable growth as it positively impacts millions of customers, while giving several early investors a successful exit.

Commenting on the investment, d.light co-founder and CEO Ned Tozun said, “We are excited to have Shell join d.light as a shareholder. Shell’s record of leading important, transformative changes within the energy sector, and their alignment with our mission, makes them an ideal partner for d.light as we begin our next phase of major growth.

“We would like to thank our early investors who had faith in us from the start. Thanks to their enduring support, they have enabled d.light to enable incredible positive impact in the lives of millions of customers while still achieving strong financial outcomes.

“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.”

Brian Davis, Shell Vice President Energy Solutions said, “We are impressed by d.light’s track record in meeting evolving customer needs for access to electricity across both Africa and Asia.

“Their experienced team has developed efficient sales and distribution channels in these markets and continues to expand their product range. We look forward to supporting d.light to realize its growth ambitions. With this latest investment, Shell takes a step closer to meeting its ambition to provide a reliable electricity supply to 100 million people in the developing world by 2030.”

d.light was founded in 2006 at Stanford, dedicated to providing the most reliable, affordable and accessible solar lighting and power systems for people living in the developing world. d.light provides distributed solar energy to households and small businesses in 70 countries and seeks to impact the lives of nearly 100 million people.