Bright Announces Entry and Funding into Mexico’s Commercial and Industrial Solar Sector
Bright eliminates barriers to rooftop solar adoption by removing cost and friction via a modern fintech platform
MEXICO CITY–(BUSINESS WIRE)–#LeoDiCaprio—Bright, the leading residential solar developer and financier in Mexico, announced today its entry into the commercial and industrial sector as it scales its offer to target a market representing >70% of the country’s electric consumption. The company has executed its first portfolio of industrial projects with clients such as Grupo ABX, Muebles Jorman, Ladesa and Mariscal Moda Hombre, and is targeting an additional 50 MW of industrial deployments in the coming years. To capitalize the opportunity, Bright has also closed a round of growth equity from its long-time partner MGM Innova, with participation from actor and environmentalist Leonardo DiCaprio, bringing the total capital raised to >$50mm USD.
After clarity on the support by the federal government for distributed (rooftop) solar, hundreds of businesses have turned to the renewable alternative to alleviate or eliminate their rising commodity and electricity prices. “As a result, we’ve partnered with leading industrial solar installers to develop the most competitive and reliable solar financing product for the industry,” said Jonah Greenberger, CEO and co-founder at Bright. “Through creative financial structures, Bright now allows commercial and industrial clients to switch to solar at no upfront cost and a fixed price while generating immediate fiscal and operational savings of up to 30%.”
Bright tackles this challenge by partnering with local installers and providing the workflow automation and financing layer to enable scale and exponentially more customers.
“I’m proud to be an early investor in Bright, a company that was a pioneer in the early days of residential solar in Latin America and today is the largest distributed solar generation company in Mexico,” said Leonardo DiCaprio.
Through this platform, Bright is also able to provide access to low cost development bank funding via its partnership with the Interamerican Development Bank, which was put in place as a first of a kind deal in Mexico in 2015. As a result of this collaboration, IDB expects to deploy millions in solar across LatAm in the coming years. According to the International Energy Agency, energy demand in the region is expected to increase by 50 percent by 2030 because of increased private transport and land use changes, requiring estimated global investments of up to $1.5 trillion. Bright is here to accelerate this.
Bright is Mexico’s #1 distributed generation solar provider (think Sunrun for the developing world, starting in Mexico). Bright provides a distributed solar operating system that enables thousands to offer cheaper electricity to homes at no upfront cost, working with an expansive network of project financiers, local installers, and local distributors to satisfy the resulting demand. Bright’s first market is Mexico, which has more sun, higher electricity rates, and lower labor costs than the US. Bright’s investors include First Round Capital, Y Combinator, Leonardo DiCaprio, Daniel Servitje, the founders of Sunrun and Tesla, and other top Silicon Valley firms.
For more information or to see if you qualify for solar visit thinkbright.mx.