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 renewable energy in Mexico by offering subscription-based solar power solutions to homes and local businesses.
Bright has installed more than 30 megawatts of solar power capacity for the benefit of 4,700 customers. With a new investment of USD 30 million from IFU, Bright will be able to take the next step on its growth journey and provide clean and affordable solar energy to even more homes and businesses in Mexico.
“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. In that sense, Bright is a perfect match with IFU’s ambition to provide risk capital that can contribute to create green and sustainable societies,” 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 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.
Bright offers solar power solutions at competitive prices helping customers to harvest affordable clean energy. IFU’s investment in Bright helps support several of the UN’s sustainable development goals from the company’s efforts on gender equality, increasing the access to renewable energy and the avoidance of greenhouse gas emissions.
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 – one of IFU’s top priorities.
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.
Backed by large Danish investors
IFU’s investment in Bright is made on behalf of the Danish SDG Investment Fund, which is backed by large Danish pension funds and private investors.