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    HomeEcosystem NewsEASTERN AFRICAd.light Secures $176 Million to Expand Solar Access in East Africa

    d.light Secures $176 Million to Expand Solar Access in East Africa

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    d.light, a leading provider of affordable solar products and financing for low-income households, announced today the closing of a $176 million securitization facility to expand its operations in Kenya, Tanzania, and Uganda. This new funding, provided by social impact-focused asset management company African Frontier Capital (AFC), will be used to purchase receivables in these three countries and scale up d.light’s PayGo consumer finance offering.

    The facility is expected to provide access to reliable, renewable energy to an estimated six million people across Kenya, Tanzania, and Uganda over the next three years. This will be achieved through the company’s PayGo model, which allows customers to pay for solar products in installments using mobile money.

    “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,” said Nedjip Tozun, CEO of d.light. “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.”

    This latest securitization facility is the fifth of its kind for d.light since 2020, bringing the total combined purchasing value of these facilities to $718 million. The company has a proven track record in using securitized finance to support its solar-powered household products in sub-Saharan Africa, with previous facilities established in Kenya, Nigeria, and Tanzania.

    Eric De Moudt, founder and CEO of AFC, emphasized the importance of this milestone in bringing financial inclusion and access to clean energy to vulnerable communities. “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,” he stated.

    d.light’s presence in Kenya, Uganda, and Tanzania dates back to 2010, working with distribution partners and establishing its own operations in the years since. The company’s success in repaying its previous securitization facility, Brighter Life Kenya 1 Limited (BLK1), ahead of schedule using internally generated cash flows, further demonstrates its financial stability and commitment to providing sustainable energy solutions in the region.

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