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D.light secures $176m to boost solar energy access in East Africa

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d.light, a global provider of affordable solar solutions, has announced a new $176 million securitization facility. This funding, backed by social impact-focused asset management company African Frontier Capital, aims to purchase receivables in Kenya, Tanzania, and Uganda over the next three years.

The multi-currency facility is expected to bring reliable, renewable energy to an estimated six million people in these countries. D.light plans to use this funding to scale up its PayGo consumer finance offering, making solar-powered products more accessible to low-income households and communities without electricity access.

CEO Nedjip Tozun emphasized the importance of this development, stating, “This new facility is another landmark step in d.light’s mission to provide people with affordable energy that is also clean, safe, and sustainable.”

Founded in 2007, d.light has already impacted over 150 million lives across 70 markets globally. The company has adapted its strategy to current economic challenges by unbundling its solar-powered product packages, allowing customers to purchase individual items through their low-cost PayGo service.

This latest funding brings d.light’s total securitized financing to an impressive $718 million across five facilities since 2020. The company’s CFO, Ron Pfende, noted that this approach helps address the decreased disposable income many low-income households face due to recent global economic disruptions.

Read also: Nigerian Government unveils digital solution to boost agricultural extension services

D.light’s track record in utilizing securitized finance for solar-powered household products in sub-Saharan Africa is well-established. In February 2023, the company successfully repaid its entire senior debt for a $110 million facility ahead of schedule, marking a first in the off-grid solar sector.

As d.light continues to innovate in bringing affordable, clean energy solutions to underserved communities, this new funding represents a significant step towards greater energy access and financial inclusion in East Africa.

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