In Mexico, around 85 per cent of the power supply is based on fossil fuels, even though the country has some of the highest levels of solar irradiation in the world. Bright, a leading distributed solar company, has the ambition to increase access to affordable renewable energy for more people in the country. v
Bright has installed more than 30 megawatts of solar power capacity across 20 states and 60 cities serving around 4,700 customers.
“Mexico is sitting under one of the greatest wealth creation opportunities of our generation, and it is now an international priority to enable it. IFU is an ideal partner to help Mexico’s solar ecosystem scale, and this USD 30 million investment in partnership with Bright lowers the cost of distributed solar through its local installer and entrepreneur networks. Specifically, it provides the scale needed to enable much greater partner workflow automation as well as meaningfully reduced capital and equipment costs.”
Jonah Greenberger, CEO of Bright.
Providing tailormade solutions
Bright provides tailormade solutions for their customers that match their electricity consumption with no upfront payments needed. Each step of the process from customer engagement, solar panel installation, performance monitoring and financing is managed through Bright’s state-of-the-art software system.
Promoting equal opportunities
One of IFU’s impact priorities is to promote equal opportunities for men and women in relation to employment as well as career and leadership. Besides increasing access to renewable energy, Bright also qualifies as a ‘2X investment’ by having around 50% female employees. The 2X challenge is an international initiative supporting women’s participation and enhanced opportunities in the labour market.
Going forward, Bright has the ambition to develop and implement a best-in-class gender strategy ensuring that the necessary future recruitments will preserve the current staff balance while enhancing career opportunities for its female employees even further.
Facts:
Investment year: 2023
SDG Fund investment: DKK 209.2m
Expected total investment: DKK 209.2m