In a significant milestone for Africa’s clean energy and financial inclusion sectors, solar energy firm d.light has secured an additional $300 million in receivables financing, pushing its total securitized capital base to $842 million. The latest raise further cements d.light’s standing as one of the most well-capitalized off-grid solar energy providers on the continent.

Founded in 2007 by Stanford graduates, d.light has long been recognized for its role in democratizing access to clean energy through solar home systems. This fresh injection of capital is aimed at accelerating the company’s reach into underserved rural communities across Kenya, Uganda, Tanzania, and Nigeria — countries where millions still lack access to reliable electricity.

The funding was arranged through the expansion of d.light’s securitization vehicle known as “Brighter Life by d.light” (BLd). It is a dedicated platform that allows the company to raise capital based on the future repayments of its customers. This brings d.light’s total financing capacity close to $1 billion — a rare feat in the off-grid energy space, and a powerful signal to global investors eyeing Africa’s informal economy.

“The expansion of BLd marks a pivotal moment in our journey to provide affordable solar energy to millions,” said Nedjip Tozun, CEO of d.light. “Securitization has been a crucial innovation that has allowed us to scale our consumer financing offering, unlocking affordability and enabling us to reach more households, improve livelihoods, and contribute to a sustainable future.”

At the heart of d.light’s model is Pay-As-You-Go (PayGo) solar — an approach that allows low-income households to pay for solar systems in small installments, rather than the prohibitive upfront costs. With micro-payments starting as low as $2 per week, customers — many of whom earn less than $5 per day — can access home lighting, phone charging, and other essential services.

The company aims to reach 10 million additional people over the next two years through this model, significantly scaling its impact.

One of the most notable features of the BLd facility is its multi-currency structure, which shields the business and its customers from the volatility of African currencies. Operating in a region where foreign exchange risks have scuttled many cross-border financing efforts, d.light’s ability to offer stable pricing across East and West Africa is seen as a key enabler of its growth.

“Mitigating currency risk is not just a financial necessity — it’s what makes scale possible,” said Eric De Moudt, CEO of African Frontier Capital, which arranged the facility. “This kind of structural innovation is what allows social enterprises to become regional powerhouses.”

d.light’s previous financing track record is already attracting attention. In February 2024, the company’s Brighter Life Kenya 1 Limited facility — a $110 million structure — became the first in the off-grid solar sector to fully repay its senior debt ahead of schedule. The repayments were made entirely through operating cash flows, a signal that the company’s end-users are repaying loans reliably and that the business model is robust.

This performance, according to analysts, is not just an internal success story — it could redefine how global capital approaches Africa’s informal sectors.

“We see strong alignment between financial returns and social outcomes in this structure,” said Rim Azirar, Deputy Head of Emerging Markets Energy Transition at Mirova, the Paris-based investment firm leading the latest round. “The expansion of BLd highlights the potential for securitisation to unlock meaningful scale in solar home systems.”

Since its inception, d.light has sold more than 40 million solar products and estimates it has impacted over 200 million people. But the company’s ambition now extends beyond solar.

Its securitization model — bundling thousands of small consumer loans into investment-grade assets — has created a pathway to connect underserved consumers with global financial markets. In doing so, it offers a blueprint that could be replicated in other sectors, such as agriculture, mobile devices, or education.

The key, say insiders, is d.light’s ability to manage credit risk at the base of the pyramid — something many lenders have struggled with.

“d.light’s operational discipline is what makes the model investable,” said De Moudt. “If others can replicate that, we’ll see a broader financial inclusion movement built on the back of consumer credit — not just in energy, but across the economy.”

As energy access continues to define much of Africa’s development agenda, d.light is emerging as more than a solar company. With a nearly $1 billion financing arsenal, a scalable tech platform, and a proven financial model, it is positioning itself at the intersection of fintech, energy, and economic development.

In a region where over 500 million people still lack electricity, the implications are significant.

If d.light succeeds in reaching its next 10 million customers, it won’t just be distributing solar panels — it will be building a decentralized financial infrastructure for the bottom of the pyramid.

And in that, Africa’s energy future may find an unlikely anchor: a company using light to illuminate paths not just out of darkness, but out of financial exclusion.