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d.light, a leading provider of affordable solar solutions, has secured a $176 million debt financing deal to expand its reach in Kenya, Tanzania, and Uganda.
The funding, facilitated through a securitization partnership with African Frontier Capital, will be used to provide consumer loans for solar and energy-efficient appliances.
This move is expected to bring reliable and renewable energy to an estimated 6 million people over the next three years.
d.light CFO Ron Pfende acknowledged the economic challenges faced by many consumers, saying: “The global economic climate has undoubtedly impacted people’s livelihoods.”
“To address this, we’ve tailored our product offerings to meet individual needs, allowing customers to purchase products individually through our PayGo financing option,” he added.
The company’s strategy of unbundling solar packages into single products is designed to make solar energy more accessible to low-income households.
By scaling up its PayGo consumer finance program, d.light aims to increase the availability of solar-powered products in communities with limited access to electricity.
“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.
Luxembourg-based climate insurance innovator Ibisa has secured $3 million in funding to accelerate its expansion in Africa and Asia.
EdVentures, an Egyptian venture capital firm specializing in education technology, has announced six-figure investments in two Egyptian ed-tech startups—Schoolz and Ibn Sina Training Academy.
British private equity firm Development Partners International (DPI) has led a $110 million investment in Nigerian fintech Moniepoint, elevating the company to unicorn status.