d.light Secures $125m Funding to Solve Africa’s Energy Access Challenge
d.light, which provides sustainable products and financing for low-income households internationally, has secured $30 million from the Eastern and Southern African Trade and Development Bank Group (TDB), with the ability to purchase up to $125 million of receivable assets to help increase access to renewable energy in Tanzania.
The capital will be used to increase the company’s securitized financing facility in Tanzania and grow its Pay-Go personal finance service, which allows low-income households to purchase the company’s affordable, solar-powered home products. This expansion will be especially useful for meeting the demand for off-grid solar products needed in the most vulnerable communities in the country.
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As per the Chief of TDB, Michael Awori, d.light reached almost 1.7 million individuals with the Pay-Go model in 2022. The organization likewise created more than 2,000 jobs and turned away 1.3 million tons of fossil fuel byproducts in the process through its utilization of solar energy.
Nick Imudia, who is the current CEO of d.light said “This new financing from TDB gives us the extra funding to reach more low-income families and households in Tanzania via our Pay-Go business, in a way that is affordable for our customers and sustainable for our business. As a scalable method of financing, securitization is an important fiscal tool to help African countries achieve the United Nations’ Sustainable Development Goals for energy access. Expect further expansion of this facility by d.light into other major sub-Saharan African markets during 2023.”
d.light has been selling its products in Tanzania beginning around 2008. The solar energy industry has seen tremendous development as of late, and d.light shows that this development might be utilized toward more fair access to energy all around the world.
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The organization, alongside its loaning accomplice, Africa Frontier Capital, will likewise utilize the approaching money to fund Brighter Life Tanzania 1 Limited, which will expand its off-balance sheet securitization structures.
“These social impact securitizations are helping d.light to bring financial inclusion and access to reliable and clean energy to millions of people while simultaneously helping to ensure a just and equitable energy transition that benefits everyone,” said Eric De Moudt, Founder and CEO of AFC.
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