Bright, the Mexican solar panel startup backed by actor Leonardo DiCaprio, has raised USD $31.5 million in a Series C funding round. The funds will be used to expand and accelerate access to solar energy in Mexico.

The funding round was led by the Danish ODS Investment Fund (‘IFU’), and was also participated by several family firms and high net worth individuals, among other investors. Bright was founded by Jonah Greenberger with the aim of reducing the costs of the solar energy value chain in Latin America.

IFU’s investment will allow Bright to reduce the cost of financing and equipment costs for residents and businesses, thus promoting the transition to solar energy in Mexico. The startup also provides workflow automation to maximize the potential of distributed solar energy in the country.

Investment funds in Latin America play a crucial role in the economic development of the region. They allow the growth and expansion of emerging companies, like Bright, by providing necessary capital to innovate and expand.

It is projected that the capacity of renewable energy in Latin America will experience an increase of 45%, which translates into 130 GW additional to what was expected in previous reports, during the period 2022-2027 in the baseline scenario. This growth sees a transition from hydroelectric power to photovoltaic solar energy (+78 GW) and wind energy (+36 GW), which together constitute almost 90% of the regional expansion.

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Sustainable Energy Outlook 2023 graphs. (Source: Enlight / AIE)

Globally, annual additions to renewable capacity are expected to continue to rise, reaching a historic high of 460 GW in 2027 in the baseline scenario of the report, which represents 60% more than the growth forecast last year. Photovoltaic solar energy and wind energy will constitute almost 90% of all new renewable energy installations globally.

According to the main forecast of the International Energy Agency, Mexico’s renewable energy capacity is expected to expand by nearly 8 GW during the period 2022-2027. At COP27, Mexico announced its intention to deploy 30 GW of combined wind, photovoltaic solar, geothermal and hydroelectric power by 2030, so the forecast was revised upwards by more than 20% to reflect a greater uptake of distributed photovoltaic solar energy, as a result of increased sustainable targets and tax benefits.

Renewable capacity additions in Mexico
Renewable capacity additions in Mexico. (Source: Enlight /AIE)

Since its foundation, Bright has installed more than 30 MW of solar energy for 4,700 customers, enabling installers and entrepreneurs to provide profitable financing. As a workflow automation and financing platform, Bright offers its services to the residential, commercial, and industrial sectors in Mexico.