d.light secures $7.4 million in financing to expand in Nigeria

D.light is a company that provides affordable solar-powered products to low-income households in developing countries. The company was founded in 2007 and launched its first solar product in 2008. It has since expanded to markets in Kenya, Uganda, Tanzania, and Nigeria.

D.light recently secured new financing to scale operations in Nigeria. This financing will enable the company to provide more low-income households with access to affordable solar-powered products. The company aims to reach a billion people in developing countries by 2030 and has already sold nearly 30 million products, positively impacting over 150 million people.

Chapel Hill Denham, the asset manager providing the financing, is pioneering local currency securitisation for the financing of solar home systems and essential solar-powered household utilities in Nigeria. The new financing follows a $30 million securitisation funding it received from the Eastern and Southern African Trade and Development Bank Group (TDB Group) in August 2023.

D.light has raised more than $500 million in securitised funding since 2020. The company recently paid back all of the lenders in its first securitised facility in full. In the initial half of 2023, d.light experienced a 41% surge in revenue, primarily attributed to its operations in Nigeria.

Anshul Rai, Partner for Infrastructure & Climate at Chapel Hill Denham, stated that the asset manager will continue to broaden the range of financing solutions available to infrastructure providers in Nigeria, with a particular emphasis on solving the greatest sustainable development challenges facing Nigeria.

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