![](images/header.jpg)
![](images/div_round_c.gif)
Solar Energy Expansion in East Africa Secured By d.light at $176 Million
Posted on : Monday, 22nd July 2024
Leading global provider of financing and goods to low-income consumers, d.light, announces the conclusion of a $176 million securitization facility. African Frontier Capital (AFC) will supply the funding, which will be used to buy receivables in Tanzania, Kenya, and Uganda.
With the utilization of this facility, d.light will be able to expand its PayGo consumer credit service and make solar-powered items more accessible to low-income households and communities without access to electricity. During the course of the next three years, an estimated six million people in the three nations will benefit from the multi-currency facility's stable, green electricity.
CEO of d.light Nedjip Tozun stated, "This new facility is another historic step in d.light's mission to provide people with affordable energy that is also clean, safe, and sustainable." It enables us to reach a wider audience and bring the advantages of solar energy to millions of off-grid families in Kenya, Tanzania, and Uganda.
For the first time ever, d.light is able to offer receivables-based financing options in each of our PayGo markets, which include Kenya, Uganda, Tanzania, and Nigeria, thanks to this new facility. Without the need for outside stock fundraising to finance its expansion, these facilities enable d.light to maintain a continuously positive cash flow.
A total of $718 million in purchase value across five distinct facilities has been concluded by d.light through securitized financing since 2020. Utilizing securitized financing, the company has a track record of successfully supplying sub-Saharan Africa with solar-powered household products. The previous facilities established in Tanzania, Kenya, and Nigeria are supplemented by this new one.
The first off-grid solar project to do so was Brighter Life Kenya 1 (BLK1), a $110 million securitization facility owned by d.light. It paid off its whole senior debt ahead of schedule using cash flows generated internally.
![](images/div_round_c_btm.gif)