Good news for d.light. The clean electricity access solutions provider is getting new funding for its expansion in Africa. It is a $50 million line of credit opened by a consortium of lenders including Mirova SunFunder, the Trade and Development Bank (TDB), a trade and development financial institution operating in East and Southern Africa, and the Netherlands Development Finance Company (FMO).
The credit line is one of a series of financings obtained by d.light in recent months. In June 2022, the company secured $238 million in par value receivables financing over a two-year commitment period as part of Brighter Life Kenya 2 Limited (BLK2), a local currency solar home systems financing facility to benefit Kenya and other East African countries.
Expanding in East Africa
The recently raised USD 50 million financing will support the same expansion strategy, with the addition of new ranges of solar PV powered appliances in rural areas. “In addition to the $238 million off-balance sheet facility and other financings completed in the past six months, this brings the total capital raised for d.light in 2022 to more than $300 million,” notes Mirova SunFunder.