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d.light to make solar-powered products more accessible in Africa

d.light has a proven track record in the use of securitised finance to support its solar-powered household products in sub-Saharan Africa. (Image source: d.light)

d.light, a global provider of transformational household products and affordable finance for low-income households, has closed a new securitisation facility to scale-up its PayGo consumer finance offering to make solar-powered products available to low-income communities in select African countries

The new financing is being provided by African Frontier Capital, a social impact-focused asset management company, and will be used to purchase US$176mn of receivables in Uganda, Tanzania and Kenya. With this new agreement, the provider has now closed securitised financial with a total combined purchasing value of US$718mn since 2020.

According to the company, the multi-currency facility will enable access to reliable, renewable energy for an estimated six million people across the next three years. “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,” remarked d.light CEO Nedjip Tozun. “It lets us expand our reach so that millions of off-grid families across Kenya, Tanzania and Uganda can experience the benefits of solar energy.

“Facilities like this make possible our pioneering PayGo consumer financing model with which we are able to offer solar home systems and high efficiency appliances to the people that need them most in a way that is affordable and sustainable.

Solar solutions for Kenya, Uganda, Tanzania and Nigeria

“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. These facilities allow d.light to remain consistently cash flow positive and remove the requirement for further external equity fundraising to fund our growth."

Eric De Moudt, AFC’s founder and CEO, added, “This milestone is a testament to how data-driven financial innovation can play an important role in bringing financial inclusion to the world’s most vulnerable communities, helping them to gain access to clean and modern energy and the ensuing social and economic benefits that come about as a result. We are grateful to d.light for its ongoing leadership in the off-grid solar sector and proud to partner with such a visionary company.”

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