d.light secures $176 mn for expanding solar energy in East Africa
Summary
d.light, a global leader in providing products and finance for low-income households, announced the closing of a securitization facility worth $176 million. The financing, provided by African Frontier Capital (AFC), will purchase receivables in Kenya, Tanzania, and Uganda.This facility will enable d.light to scale its PayGo consumer finance offering, increasing the availability of solar-powered products to more low-income households and communities without access to electricity. The multi-currency facility is expected to bring reliable, renewable energy to an estimated six million people across the three countries over the next three years.This new facility is another landmark step in d.lights mission to provide people with affordable energy that is also clean, safe, and sustainable, said d.light CEO Nedjip Tozun. It allows us to expand our reach so that millions of off-grid families across Kenya, Tanzania, and Uganda can experience the benefits of solar energy.With this new facility, d.light has for the first time in its history receivables-based financing facilities in each of our PayGo markets Kenya, Uganda, Tanzania, and Nigeria. The company has a proven track record in using securitized finance to support its solar-powered household products in sub-Saharan Africa.