Securing $7.4 Million for Growth
d.light, a pioneering provider of solar-powered solutions, has successfully secured securitized financing totaling $7.4 million (equivalent to over ₦10 billion). This funding injection is earmarked for the expansion of d.light's innovative 'Pay-Go' personal finance service, aimed at enhancing accessibility to solar-powered products for low-income households across Nigeria.
Partnerships Driving Growth
The financing initiative is made possible through the Nigeria Infrastructure Debt Fund, operated by Chapel Hill Denham. African Frontier Capital, serving as the transaction's primary and backup service providers, facilitated and structured the financing arrangement, underscoring the collaborative efforts driving d.light's expansion.
d.light's Journey to Empowerment
Founded in 2007, d.light embarked on a mission to revolutionize energy access through solar technology. With the launch of its inaugural solar product in 2008, the company has since expanded its footprint across diverse markets, including Kenya, Uganda, Tanzania, and Nigeria. Leveraging its expertise, d.light commenced operations in Nigeria in 2022 and is now poised to scale its presence with the aid of the newly secured financing.
Vision 2030: Scaling Impact, Empowering Communities
Driven by a bold vision to reach a billion people in developing countries by 2030, d.light has already made significant strides in empowering communities. With over 150 million people impacted and nearly 30 million solar products sold, d.light continues to champion sustainable energy solutions that uplift lives.
Leadership Validation: CEO Nick Imudia's Commitment
Nick Imudia, CEO of d.light, affirmed the transformative potential of the secured financing, emphasizing its role in facilitating the provision of affordable solar-powered products to low-income households in Nigeria. This commitment underscores d.light's dedication to driving socioeconomic progress through accessible and sustainable energy solutions.
Chapel Hill Denham's Role
For Chapel Hill Denham, the financing opportunity represents more than just a monetary investment—it's a catalyst for sustainable development. By spearheading local currency securitization for solar home systems, the asset management firm is playing a pivotal role in advancing Nigeria's renewable energy sector and fostering long-term prosperity.
A Forward-Looking Approach
Anshul Rai, Partner for Infrastructure & Climate at Chapel Hill Denham, highlighted the firm's commitment to expanding financing solutions for infrastructure providers in Nigeria. With a focus on addressing sustainable development challenges, Chapel Hill Denham aims to drive positive change and foster inclusive growth.
d.light's Remarkable Growth Trajectory
This latest funding milestone follows d.light's previous success in securing securitization financing from the TDB Group. With a potential to acquire up to $125 million in receivable assets, d.light's trajectory exemplifies resilience and innovation in the renewable energy sector.
Having secured over $500 million in securitized funding since 2020, d.light's remarkable journey of growth and impact continues. With a steadfast commitment to repay lenders and a significant revenue surge driven by operations in Nigeria, d.light is poised to illuminate pathways to sustainable energy access for communities worldwide.
