d.light, established in 2007 with its inaugural solar product introduced in 2008, has expanded its presence to various markets, including Kenya, Uganda, Tanzania, and Nigeria. The Nigerian market saw d.light’s debut in 2022, and with the recent influx of financing, the company is gearing up to enhance its operations in the country.
Setting its sights on impacting a billion individuals in developing nations by 2030, d.light reports having distributed nearly 30 million products, positively affecting over 150 million people. CEO Nick Imudia affirms that the fresh financing will facilitate the provision of affordable solar-powered solutions to more low-income households in Nigeria.
d.light’s strategy involves leveraging securitised finance for equity in off-grid solar ventures across sub-Saharan Africa. This experience is now being channeled towards amplifying operations in Nigeria. The financing arrangement not only allows Chapel Hill Denham to contribute to Nigeria’s renewable energy sector but also promotes sustainable development. Bolaji Balogun, CEO of the asset manager, underscores their pioneering efforts in local currency securitisation for solar home systems and essential solar-powered utilities within Nigeria. Anshul Rai, Partner for Infrastructure & Climate at Chapel Hill Denham, emphasizes their commitment to expanding financing solutions for infrastructure providers in Nigeria, with a focus on addressing sustainable development challenges.
This latest financing comes on the heels of a $30 million securitisation funding received from the Eastern and Southern African Trade and Development Bank Group (TDB Group) in August 2023, empowering d.light to acquire up to $125 million in receivable assets.
Since 2020, d.light has amassed over $500 million in securitised funding and recently settled all obligations with lenders in its inaugural securitised facility.
The company witnessed a 41% revenue surge in the first half of 2023, predominantly driven by its Nigerian operations.
source: Techpoint