d.light, a leading provider of solar-powered solutions, has successfully secured $7.4 million (over ₦10 billion) in securitized financing. This funding will fuel the expansion of its ‘Pay-Go’ personal finance service and enhance accessibility to solar products for low-income households in Nigeria.
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D.light secured financing through the Nigeria Infrastructure Debt Fund managed by Chapel Hill Denham and sponsored by African Frontier Capital. The company aims to reach a billion people in developing countries by 2030 and has impacted over 150 million individuals through the sale of nearly 30 million solar products. The funding will help d.light offer affordable solar solutions to more low-income households in Nigeria, where it began operations in 2022.
Having previously utilized securitized finance for off-grid solar projects in sub-Saharan Africa, d.light now aims to leverage its experience to scale operations in Nigeria. Chapel Hill Denham’s involvement underscores its commitment to fostering sustainable development in Nigeria’s renewable energy sector.
D.light received $30 million in securitization financing from the TDB Group in August 2023, with the potential to acquire up to $125 million in receivable assets. The company has secured over $500 million in securitized funding since 2020 and reported substantial revenue growth, especially in Nigeria, with a 41% increase in revenue in the first half of 2023.
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