d.light, a global provider of transformational household products and affordable finance for low-income households, has closed a new securitization facility valued at $176 million. This facility will purchase receivables in Kenya, Tanzania, and Uganda, significantly scaling up d.light’s PayGo consumer finance offering.
This multi-currency facility aims to provide reliable, renewable energy to an estimated six million people across the three countries over the next three years. d.light’s initiative is set to make solar-powered products accessible to more low-income households and communities without electricity.
The facility, provided by African Frontier Capital, brings d.light’s total securitized financing to $718 million across five facilities since 2020. This strategic move underscores d.light’s commitment to providing clean, safe, and sustainable energy to millions of off-grid families.
d.light CEO Nedjip Tozun emphasized the importance of this milestone, stating that it allows the company to expand its reach in PayGo markets, including Kenya, Uganda, Tanzania, and Nigeria. This will enable d.light to maintain a positive cash flow and eliminate the need for further external equity fundraising.
Eric De Moudt, founder and CEO of AFC, highlighted the role of data-driven financial innovation in promoting financial inclusion and access to modern energy for vulnerable communities. He commended d.light’s leadership in the off-grid solar sector and expressed pride in partnering with such a visionary company.
Since 2010, d.light has been collaborating with distribution partners in Kenya, Uganda, and Tanzania, and has established its own operations in these countries. Earlier this year, d.light’s $110 million securitization facility, Brighter Life Kenya 1 Limited (BLK1), successfully repaid its senior debt in full and ahead of schedule, marking a significant achievement in the off-grid solar sector.
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