ImpactAlpha, February 21 – Securitized financing enables d.light to move loans to solar customers off of its balance sheet, freeing its capital to finance new customers. The off-grid solar product company clinched 10 billion Nigerian naira ($7.4 million), guaranteed by d.light’s current and future product sales in the country.
Nigerian investment management firm Chapel Hill Denham put up the capital, and African Frontier Capital structured the deal.
Chapel Hill Denham’s Bolaji Balogun described the deal as a “pivotal stride in sustainable infrastructure investment in Nigeria.”
D.light has issued more than $500 million in securitized debt financing since 2020, including a $238 million vehicle for the Kenyan market and a $125 million facility in Tanzania.
Off-grid growth
D.light says it has sold more than 30 million of its products in Africa. Nigeria is one of d.light’s fastest-growing markets for solar home systems, inverters and solar-powered appliances, as well as mobile phones.
