The funding comes from the Nigeria Infrastructure Debt Fund, managed by Chapel Hill Denham, a prominent Nigerian asset manager. African Frontier Capital acted as the transaction’s main and backup servicer, structuring and sponsoring the financing.

Founded in 2007, d.light has already impacted over 150 million people by selling nearly 30 million solar products across Africa. The company aims to reach a billion individuals in developing countries by 2030.

“This new financing will allow us to provide more affordable solar-powered products to low-income Nigerian households,” stated Nick Imudia, CEO of d.light.

The company has successfully utilized securitized financing to raise funds for off-grid solar projects in other sub-Saharan African countries and plans to leverage this experience to expand its operations in Nigeria.

This investment allows Chapel Hill Denham to contribute to Nigeria’s renewable energy sector and promote sustainable development through “pioneering local currency securitisation for financing solar home systems and essential solar-powered household utilities,” said Bolaji Balogun, CEO of the asset manager.

Anshul Rai, Partner for Infrastructure & Climate at Chapel Hill Denham, emphasized their commitment to “continue broadening the range of financing solutions available to infrastructure providers in Nigeria, with a particular focus on addressing the country’s most significant sustainable development challenges.”

This financing adds to d.light’s recent achievements, including a $30 million securitization facility secured from the TDB Group in August 2023 and a successful full repayment of their initial securitized loan.

Notably, the company experienced a 41% revenue surge in the first half of 2023, driven primarily by its operations in Nigeria.