Bright, a leading distributed solar company, 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.
