d.light secures $7.4m to finance off-grid solar expansion in Nigeria
TLDR
- d.light partners with Chapel Hill Denham for $7.4 million securitized financing facility
- Funding facilitated by Nigeria Infrastructure Debt Fund to support expansion of d.light's Pay-Go offering for low-income households
- African Frontier Capital sponsors financing structure, empowering underserved communities with affordable solar-powered products
d.light, a global provider of household products and affordable finance for low-income households, has partnered with Chapel Hill Denham, Nigeria's largest alternatives asset manager, to secure a $7.4 million (N10 billion) securitized financing facility.
This new financing, facilitated by Chapel Hill Denham's Nigeria Infrastructure Debt Fund, aims to support the expansion of d.light's low-cost Pay-Go offering. This initiative focuses on providing affordable, solar-powered products to low-income households.
The financing structure was established and sponsored by African Frontier Capital, which also serves as the master servicer and backup servicer in the transaction. This collaboration signifies a significant step forward in empowering underserved communities with access to essential household solutions and sustainable energy.
Key Takeaways
Nigeria stands as Africa’s most populous nation and its largest economy. However, according to last year’s Energy Progress Report, compiled by the International Renewable Energy Agency, the International Energy Agency, the UN, and the World Bank, Nigeria also has the largest population lacking access to electricity, with approximately 86 million people affected. Even those connected to the grid often face unreliable power supply. Furthermore, nearly 80% of Nigeria’s electricity currently comes from greenhouse gas-emitting thermal generation sources, highlighting the urgent need for a swift transition to clean and reliable energy alternatives.
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