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BFD Expert Voices - Climate Deals

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Rooftop solar leasing provider Bright closed a $31.5 million Series C to expand residential and commercial solar in Mexico.

Driving the news: The Y Combinator spin-out sees opportunity in a sun-drenched market long clouded by regulatory and political challenges.

How it works: Bright, based in Mexico City, primarily leases solar panels to homeowners and small businesses.

The company works with a network of local installers, which it believes will generate support to overcome opposition that has stymied other renewables developers.

Customers do have the option of buying the panels outright.

What they're saying: "You need to reduce cost, reduce friction, bring down the cost of capital, and build trust," CEO Jonah Greenberger tells Axios.

State of play: Nearly 25% of electricity in Mexico is lost to theft and an aging grid, making decentralized resources like rooftop solar all the more appealing. 

Mexico's climate makes it one of the most promising solar markets, but more than 75% of the country's electricity is still generated by fossil fuels.

Yes, but: President Andrés Manuel López Obrador has thrown up roadblocks to renewables in favor of natural gas, halting years of steady growth in solar and wind development.

Details: The Danish SDG Investment Fund, a private equity and impact fund also known by its acronym IFU, led the round.

An undisclosed family office joined. The round closed in June.

What's next: Bright sees Mexico as a stepping stone to other Latin American markets. 

It's eyeing an exit in four to six years, either via IPO or a sale similar to Shell's acquisition of Nigeria-based solar developer Daystar last September.

Exclusive: Bright raises $32M to expand rooftop solar in Mexico

IFU led the round as the company looks to expand.

Illustration of a stack of solar panels with a currency band 

Solar power

Rooftop solar leasing provider Bright closed a $31.5 million Series C to expand residential and commercial solar in Mexico.Driving the news: The Y Combinator spin-out sees opportunity in a sun-drenched market long clouded by regulatory and political challenges.

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Exclusive: Bright raises $32M to expand rooftop solar in Mexico

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