d.light Receives $7.4 Million In Securitized Financing To Help Scale Its Operations In Nigeria

d.light receives $7.4 million in securitized financing to help scale its operations in Nigeria. The social-powered solutions provider will utilize the funds to expand access to its solar-powered products for low-income households in Nigeria.

d.light Receives $7.4 Million

The financing in question as you should know reportedly came from Chapel Hill Denham’s Nigeria Infrastructure Debt Fund, and it is also structured and sponsored by African Frontier Capital, the transactions master as well as backup services.

d.light Receives $7.4 Million

Founded in 2007, d.light launched its inaugural solar product in 2008 and has since expanded its presence to various markets, including Kenya, Uganda, Tanzania, and Nigeria. Having commenced operations in Nigeria in 2022, the company is now poised to expand its footprint in the country through new financing opportunities.

With ambitious goals to reach one billion people in developing nations by 2030, d.light boasts an impressive track record, having sold nearly 30 million products that have positively impacted over 150 million individuals.

The New Financing Will Facilitate Greater Access to Affordable Solar-Powered Products

CEO Nick Imudia affirmed that the new financing will facilitate greater access to affordable solar-powered products for low-income households in Nigeria. Leveraging its experience in utilizing securitized finance for off-grid solar initiatives in other sub-Saharan African countries, d.light aims to scale up its operations in Nigeria.

The financing arrangement allows Chapel Hill Denham to contribute to Nigeria’s renewable energy sector while promoting sustainable development. Bolaji Balogun, CEO of the asset manager, emphasized their pioneering efforts in local currency securitization for financing solar home systems and essential solar-powered household utilities in Nigeria.

The Company’s Commitment to Providing Diverse Financing Solutions

Anshul Rai, Partner for Infrastructure & Climate at Chapel Hill Denham, highlighted their commitment to providing diverse financing solutions to infrastructure providers in Nigeria, particularly addressing the country’s significant sustainable development challenges.

This new financing follows a $30 million securitization funding received from the Eastern and Southern African Trade and Development Bank Group (TDB Group) in August 2023, with a capacity to acquire up to $125 million in receivable assets.

d.light Has Secured Over $500 Million In Securitized Funding Since 2020

d.light has successfully secured over $500 million in securitized funding since 2020, recently fulfilling all obligations to lenders in its first securitized facility. The company witnessed a notable 41% revenue surge in the first half of 2023, primarily driven by its Nigerian operations.



Please enter your comment!
Please enter your name here