In 2012, Audrey Desiderato and Ryan Levinson co-founded SunFunder, a pioneering fund management company that made loans to distributed and off-grid solar companies in developing countries. Their journey into entrepreneurship was unique, their partnership happened by chance, and their success was far from preordained. I sat down to interview them for my blog to learn how they met, what challenges they faced, and what advice they would give to someone contemplating the life of a social entrepreneur.
This is Part III of a series of shorter, condensed outtakes from that interview. Part I, published on November 7, 2025, revealed the origin story of SunFunder, what motivated Ryan and Audrey to become co-founders. Part II, published on December 27, delved into lessons learned about scaling a business in a dynamic market. This Part III, the last of the series, offers a few final observations about the off-grid solar market.
Part III – A Few Final Observations
This final outtake covers a broad range of topics, so I chose a question-and-answer format. We discuss what it was like to sell their business to Mirova, whether there are any moral dilemmas with social entrepreneurs becoming wealthy and SunFunder’s legacy.
Would you both describe yourselves as “social” entrepreneurs, i.e. founders of a business whose purpose is to have a positive social or environmental impact on the world?
Audrey/Ryan: “Yes, for sure.”
I know in the African context (based on a past blog post I wrote), the term “social enterprise” doesn’t resonate well with Africans typically because it is seen as an international, do-gooder, loss-making endeavor. Were you ever chameleons in terms of how you were talking about yourself?
Audrey: “Yes, we were chameleons in that we fit the definition of the term, but I would never go around saying “I’m a social entrepreneur.” I don’t think we ever called ourselves that, beyond the super early days. We never had a label. We just defined what we did.”
Ryan: “In the very early days, we probably used that phrase a little, but we experimented with different ways of talking about ourselves. It really takes some trial and error before you start feeling confident about the messaging, how you talk about the company and what your mission is.
The impact and the mission were core to who Audrey and I both are, and the team we built. It was core to everything. I think it’s also important to be able to present yourselves as a company that stands on its own two feet, you know, just as a business. But I wouldn’t shy away from saying we were a highly mission-driven business. It was always a positive to be real about who we were and what drove us.”
Would you say your generation is more in tune with pursuing a career with social impact?
Ryan/Audrey: It depends on what generation you’re referring to. I think we are both hybrid Generation X and Millennial. I think they call us “Xennial.”
Audrey: “I surround myself with purpose-driven people, so I acknowledge I’m kind of in a bubble. Compared to the younger generation, when we were coming out of school, we still had that optimism and belief that we could change the world. I can’t say if I were coming out of school now if I would feel that way.”
Ryan: “I think it just depends on who you surround yourself with. When I did my masters in the UK, everyone I studied with was passionate about different global issues. That’s when I got interested in climate and development and had a strong belief in the business case for market-driven sustainable development. I even wrote my thesis on market-driven solutions to climate change.
As I’ve gone through my career though, my views on that have changed a lot. I believe there is still a business case for sustainability, but I’ve also lost confidence that big corporates will ever put people and the planet before profits. Mainstream banks and asset managers are not willing to make real financial sacrifices to have social or environmental impact, and this idea that you hear at conferences, that you can have it all (risk-adjusted returns and impact), has done some damage because I don’t think impact investors can have it all if you really want to move the needle on most big global challenges in emerging markets.”
Is the perspective on sustainable finance in Europe different compared to America?
Audrey: “In the end, we’re all governed by the same global capitalist system, but I think what’s different in Europe when it comes to climate and ESG is there is a regulatory framework, and it is pushing companies and driving discussions. They’re not doing things out of the goodness of their hearts, but because the regulations are here and they’re happening.”
What trends are you seeing in the off-grid solar market?
Ryan: You’re now seeing more diversified product offerings because companies are more realistic about creating sustainable businesses with diversified revenue streams. Early solar home system players started selling smart phones for example to complement the solar business. It is less pure from an impact or mission standpoint, but overall, I think it is a good thing.”
Audrey: “I think we could debate this. In terms of reaching energy access targets, not all companies are staying true to their mission as they aim for profitability. They are diversifying and adding products for middle income consumers, and some continue to serve low income households using partnerships. The sector has tried different things and learned over time, and the reality is that providing rural infrastructure to poor people (who need it the most) is not really a “commercial asset class,” and maybe we can be smarter about putting subsidies to use where they’re really needed. How companies have evolved depends on who is at the helm and who the shareholders are.”
Ryan: “Some are supplementing their core mission and others are shifting to a new mission. There’s a big difference there. Diversifying revenue streams to be financially sustainable is good as long as you stay true to the core mission of energy access. It’s about striking the right balance.”
Where do we go from here? Is the market saturated, or is there still a lot of potential for growth?
Audrey: “I don’t have a crystal ball. We are more realistic, which is a good thing. I don’t see naïve entrepreneurs, nor a lot of new enterprises entering. There is now a more mature set of entrepreneurs and players that are successful at scaling well, and structuring off-balance sheet financing, and continuing to grow with new appliances but not necessarily new connections. How are we going to keep connecting new people? How are we going to continue to innovate, experiment and learn about new productive use solar technologies out there? For this second category, I don’t know where the future is because I think it needs to be smartly subsidized and don’t know where those grants are coming from. I do think SunKing and D.light are quite unique because they’ve achieved scale but continue to distribute smaller, more affordable products to rural communities. We have a stable core of players that will keep consolidating and scaling sustainably. What is unclear is how do we reach the people who need energy access the most?”
Please tell me about a favorite company or entrepreneur you invested in.
Ryan: “D.light is one that I’m particularly proud of. It is a company with whom we had a lending relationship over the span of ten years. We made our first loan in 2014 or 2015. They were struggling a bit, so of all the loans we made, that first one was probably the most important to them. It helped them get through a tough time, and they ended up thriving. Years after that, folks from D.light told us it was really big how we stepped up for them.
Our mission was to pioneer and scale financing solutions for clean energy in emerging markets, and when you think about scaling impact, D.light recently announced that their products have positively impacted 200 million people. It’s a remarkable number and incredible for one company to have that much impact. From a founder’s perspective, it’s an incredible story too because the co-founders have persevered through hard times and ups and downs over 15 years. There’s a lot to feel good about on multiple levels from that relationship.”
Audrey: Energicity was memorable because it is difficult to find a female-founded company in the energy sector. We had maintained our relationship with their founder Nicole for years before finally financing the company, with the team engaged during the early years to support investment readiness (e.g. financial modeling). There is a certain level of camaraderie when two companies with female founders and female leadership work together. Her passion and resilience was always inspiring to the team. In the end it’s one of the highest impact transactions we did (and one of the few mini-grid transactions we did).
Please share a story of how solar energy access transformed the lives of someone living in poverty that you met.
Audrey: “’Transformed’ is a big word. I would frame it more as energy as an enabler in people’s lives. Company visits tend to be curated, so there’s no one individual I met, but I remember when I first arrived in Arusha (2013) I lived up a dirt road in what you’d call an “under-grid” neighborhood, where I had electricity but most of my neighbors did not. Over the 5 years I lived there, this was when solar home systems and PAYGO (“pay-as-you-go”) solar were just starting out, and it was cool to see my neighborhood become more vibrant at night as a result. You would see solar lights on porches or fruit and vegetable stands, and it didn’t transform the neighborhood, but it became safer and warmer. There was a source of pride when you entered someone’s home and they smiled at being able to turn the light on with a switch. It didn’t lift people out of poverty, but it improved their quality of life.”
You must have felt proud to be financing the companies that made that happen?
Audrey: “Yes very much so, and it also gave me an in-your-face perspective on the challenges. If a system broke down, strangers would come knocking at my gate for advice (I was the neighborhood “solar lady”).” From early on, we understood that PAYGO looks good on paper, but operationalizing distribution and service is another story.
Is climbing the “energy ladder” (buying larger solar systems over time) a true story? Is this the primary source of growth?
Audrey: “The visual is more of an uneven, rickety staircase. When we started SunFunder, we bought into the “energy ladder” hypothesis. Maybe this was true in other parts of the world, but I’m not sure if it is true in Sub-Saharan Africa. At least it’s not linear. Money is the driver that allows people to acquire bigger and better systems, but poor households are just poor, and it was naïve to think energy access could play a bigger role in creating income through savings. The reality for these households is either they can afford to pay off their system and then resume their regular spending in life, or they stack systems and then default on some. It’s complicated. Solar home systems and solar lanterns probably don’t change household income in a meaningful way, but they do improve quality of life. The story is different when it comes to productive use of energy, like solar powered irrigation. There, I do believe energy access can be closer to transformational.”
How difficult was it to sell the company to Mirova?
Ryan: “Getting the acquisition closed was incredibly difficult. There were many different stakeholders, starting with Mirova, its parent company, and the parent’s parent. It seemed like there were a dozen major approvals required, and I’d lose a week of sleep waiting for decisions each time. We also had to build as much internal support as possible within our team to make the acquisition successful. And then we had to get our own shareholders on board too. Getting some of these stakeholders’ support was more challenging than we thought it would be.
Then there was the due diligence process. After signing the term sheet, we thought the hard part was done, but then the next thing we knew, a Big Four accounting firm came in with fifty staff members going through our data room, lobbing tons of overlapping questions at us. A lot of our team members really stepped up during this period, supporting the due diligence process while holding down their primary responsibilities. Then there was the legal process. I’ve never in my life worked so hard on something, both the hours and the stress. It dragged on like a full year from start to finish.”
Was it difficult emotionally?
Ryan: “There’s an emotional transition that can be challenging. When you’re a founder, that role becomes a big part of your identity because for a decade or more it plays a big role in your life. When you sell a company, you don’t own it anymore, and you play a different role within the organization. For ten years, I was used to being in a small room where decisions were made. Once that is out of your hands, especially when it comes to things you really care about or have strong convictions on, decisions that impact team members for example, that’s where things got really hard for me.
It was hard to sell and integrate the company, and it makes me question why so many companies pursue acquisitions, but I can say it worked. To see the continued expansion, both geographically and into new sectors, that was a big part of our vision for how we wanted to grow and scale. It’s awesome to see that impact continue. That is the dream situation as an entrepreneur: to get to the point where you can feel you can step away, and everything is going to continue to work, the impact is going to continue, and deals will keep getting closed. I felt like we got to that point.
Audrey: The hardest thing about selling the company was not being able to drive the culture. As a founder who’s passionate about culture, that was really hard to let go of. It was one of the things I loved so much about my entrepreneurial journey: being able to build and shape that culture from the top, not just through who I’m hiring, but also how we plan goals, how we treat each other, emulating what you want to see from the team.
I’ve seen our team members thrive at Mirova and become the best in their game as investment professionals. So that’s good. We need companies like Mirova that are going to scale things, which is how they see impact. Impact for me is about taking risk, or being the first to do something. It’s in my entrepreneurial DNA.”
Sounds like you both feel good about the decision.
Ryan/Audrey: “Absolutely. I don’t regret it at all.”
In your opinion, is there any moral dilemma with social entrepreneurs becoming rich?
Audrey: “To be completely honest, I feel that moral dilemma. After we sold the company, I felt a lot of pressure to figure out what to do with this financial surplus in a way that aligns with my values. Frankly, it was a really a big source of stress. At one point, I thought maybe I need to just give it all away. If your core value is that of an equitable world, which I think is what drives most social entrepreneurs, and you find yourself in the top 10%, I do think you’re faced with a moral dilemma, and you just have to navigate it. You have immense responsibility on this planet if you’re rich.
I’ve already dedicated my life, my blood, sweat and tears, to creating change and reducing global inequality, so I feel like I deserve a rest. But how much of that financial surplus should be used to spoil myself versus reinforcing those values? I’ve got this cushion now. What do I do? How can I create more change? How do I view where I stand in the world right now? What can I do with the time I have left on this planet? I’m currently taking time out to address these questions.”
Ryan: “I think it is good that social entrepreneurs have that kind of financial incentive. We definitely don’t want to live in a world where you can only do well financially by doing things that harm the planet or society. If from day one you stay true to your impact mission, create great jobs, treat and pay your team well, and share ownership with them (all employees had options in SunFunder), there’s much less of a moral dilemma. I remember after we sold the company, one team member came up and thanked me because he said now he could afford to send his kids to university. That was very cool to hear.
I think there’s less of a moral dilemma and more of a moral responsibility. That is true for anyone with money. They have a responsibility to put their wealth to work to address major challenges and make the world a better place. As a social entrepreneur, having wealth can give you even greater opportunities to do good things and to help people.”
