New Investments
d.light Secures $176 Million to Expand Solar Access in East Africa
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.
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“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.
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