SAN FRANCISCO--(BUSINESS WIRE)--Bright, a leading distributed solar company, today announced that it has secured $31.5 million in Series C funding to drive continued expansion of operations in Mexico. The round was led by the Danish SDG Investment Fund (“IFU”) and joined by various family offices and high net worth individuals, as well as existing investors.
Bright was started by Jonah Greenberger with the intention of reducing friction and cost across the distributed solar value chain in LatAm. Since its founding, Bright has installed more than 30 megawatts of distributed solar for 4,700 customers by enabling local installers and entrepreneurs in Mexico and by providing cost-effective financing. Bright serves as a software-enabled workflow, communication, and financing automation platform for its partners and customers, providing a ‘no money down’ clean electricity financing service. Today Bright serves not only the residential sector, but also commercial and industrial sectors as well.
Situated in one of the sunniest parts of the world with a strong manufacturing base and growing energy demand, Mexico is well-poised to be a leader in the transition to renewable energy with significant solar energy potential. Bright will use the IFU investment to lower the cost of financing and equipment costs for residents and businesses, while providing workflow automation to help Mexico prosper from its distributed solar energy potential.
“Bright is a highly professional company, and we strongly believe that the team is able to offer high quality and affordable solar power solutions to homeowners and businesses thereby supporting the green transition in Mexico,” said Thomas Hougaard, Senior Vice President & Head of Green Energy & Infrastructure at IFU.
“Mexico is sitting under one of the greatest wealth creation opportunities of our generation and it’s now an international priority to enable it,” Jonah Greenberger CEO of Bright said. “IFU’s investment provides the scale needed to enable much greater partner workflow automation as well as meaningfully reduced capital and equipment costs that is needed to support solar development in this emerging economy.”
Marathon Capital, LLC served as exclusive financial advisor to Bright.
Bright is Mexico’s #1 distributed generation solar financier. Bright provides a distributed solar operating system that enables thousands to offer cheaper electricity to homes at no upfront cost, working with an expansive network of project financiers, local installers, and local distributors to satisfy the resulting demand. Bright’s first market is Mexico, which has more sun, higher electricity rates, and lower labor costs than the US. Bright's investors include First Round Capital, Y Combinator, Leonardo DiCaprio, Daniel Servitje, the founders of Sunrun and Tesla, and other top Silicon Valley firms.
IFU – the Danish Development Finance Institution – was founded in 1967 and joined EDFI in 1992. IFU is a self-governing fund established by the Danish government. The minister for development cooperation appoints the board of IFU and the CEO. IFU’s objective is to promote economic and social development in the investment countries, as well as contributing to the green transition. IFU has co-invested in over 1,300 companies in more than 100 developing countries and emerging markets. Contracted investments total EUR 31 billion, of which IFU has contributed EUR 3.4 billion. IFU also has offices in: Brazil, China, Ghana, India, Kenya, Singapore and Ukraine.