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d.light, the global solar products provider, has raised $50 million from a consortium of lenders to support its expansion in Africa. The US-based company has received this balance sheet debt facility which will facilitate its PayGo consumer finance business and allow launching new products.
The $50 million line of credit opened by the group of lenders includes off-grid solar provider Mirova SunFunder, Netherlands Development Finance Company (FMO), Trade and Development Bank (TDB), a financial institution operating in Eastern and Southern Africa.
The recent funding is one of a series of financings obtained by d.light in recent times. The solar home system provider has secured $238 million in par value receivables financing over a commitment period of two years. This funding is a part of Brighter Life Kenya 2 Limited (BLK2), a local currency-based financing facility for solar home systems which aims to benefit Kenya and other East African countries.
According to Mirova Sunfunder, the recently raised financing will support the same expansion strategy of d.light as its approach in East Africa. In addition to the previous financing completed in the past few months, the new $50 million balance sheet debt facility brings the d.light’s total capital raised to more than $300 million this year.
Since its launch, d.light has distributed 25 million solar-powered equipment in 70+ countries across the world. It is making a real impact in Africa, where nearly 600 million people still lack access to electricity. The company co-founded by Ned Tozun and Sam Goldman combines its solar home systems and kits with other equipment such as TVs, fans, and mobile phones.