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d.light Partners with Chapel Hill Denham on $7.4M Securitized Financing to Scale Pay-Go Solar in Nigeria


Global household products provider d.light has announced a $7.4 million (N10 billion) securitized financing facility, in collaboration with Chapel Hill Denham. The new funding from Denham’s Nigeria Infrastructure Debt Fund will scale up d.light’s Pay-Go solar offerings for low-income Nigerian households.

Notably, this landmark facility was structured and sponsored by African Frontier Capital, who will also serve as master and backup servicer. According to d.light CEO Nick Imudia, this financing increases access to affordable, solar-powered goods in a sustainable way.

Securitized financing has been successfully utilized by d.light in other African countries to flexibly raise equity for off-grid solar, guaranteed by customer sales. They are now applying this proven model in Nigeria as their operations expand. Chapel Hill Denham’s dedication to both commercial success and sustainable development made them an ideal financing partner.

Founded in 2007, d.light provides solar solutions that have impacted over 150 million lives in 70+ markets globally. Meanwhile, Chapel Hill Denham is a leading Nigerian investment bank and asset manager focused on infrastructure, real estate, SMEs, and other key development areas.

Reflecting on the significance of this deal, CEO Bolaji Balogun stated it marks a pivotal sustainable infrastructure investment stride for Nigeria. By pioneering local currency solar home system financing, Chapel Hill Denham is driving innovation, empowerment, and brighter futures.

Adding to this, Anshul Rai, Infrastructure & Climate Partner, said this transaction is another milestone for Chapel Hill Denham and their Nigeria Infrastructure Debt Fund. It represents the first large-scale, local currency solar home system financing facility in the country. They aim to continue expanding infrastructure financing solutions, with an emphasis on pressing sustainable development challenges.

Importantly, this new facility builds on recent progress made by d.light. Last August they secured a $30 million facility from the Eastern and Southern African Trade and Development Bank Group. This brought their total raised through securitized financing since 2020 to $490 million.

d.light also reported a 41% revenue increase in H1 2023, largely thanks to 143% growth in their Nigerian business. This growth resulted from launching affordable Pay-Go financing for solar products. As Africa’s most populous country, Nigeria offers massive growth potential.

However, over 86 million Nigerians still lack electricity access. Even those connected face unreliable supply, necessitating an accelerated clean energy transition. With innovative products and financing solutions, d.light and Chapel Hill Denham are supporting this progress.

In summary, this landmark facility pioneers an underutilized financing model in Nigeria’s solar sector, unlocking growth for d.light as they expand access to clean, affordable power. The partners’ shared vision for sustainable development promises even greater human impact going forward.



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