d.light Secures $176 Million to Expand Solar Access Across East Africa

d.light has closed a new securitization facility that will purchase $176 million of receivables in Kenya, Tanzania and Uganda. This financing is provided by social impact-focused asset management company African Frontier Capital.

With this new facility, d.light’s total securitized financing has a total purchasing value of $718 million. This is for all the 5 separate facilities since 2020. It has previously set up four facilities, beginning in 2020 and including two in Kenya and one each in Nigeria and Tanzania.

In February, d.light announced that its $110 million securitization facility, Brighter Life Kenya 1 Limited (BLK1) successfully repaid its entire senior debt in full and ahead of schedule from internally generated cash flows – the first facility in the off-grid solar sector to do so.

By Kaluka wanjala.
Full story at Tech Arena.