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d.light Secures $7.4 Million from Chapel Hill Denham to Power Affordable Solar Solutions in Nigeria

d.light

Summary

  • d.light and Chapel Hill Denham have closed a $7.4 million securitized financing deal to address Nigeria’s energy challenges.
  • The initiative aims to expand access to affordable clean energy for low-income households in Nigeria.
  • The financing will enable d.light to scale up its low-cost Pay-Go offering, providing solar-powered products to underserved communities, with local currency securitization marking a historic milestone in the renewable energy sector for Nigeria.

d.light and Chapel Hill Denham, the largest alternatives asset manager in Nigeria, have successfully closed a securitized financing facility worth $7.4 million. This aims to expand access to affordable clean energy solutions for low-income households in Nigeria.

The financing, facilitated by Chapel Hill Denham’s Nigeria Infrastructure Debt Fund, will empower d.light to scale up its low-cost Pay-Go offering, providing solar-powered products to low-income households. African Frontier Capital, the master servicer and backup servicer in the transaction, played a crucial role in structuring the financing.

What They Said

Nick Imudia, CEO of d.light, said this about the funding, “This landmark financing opens up access to our range of solar-powered household goods to more low-income families and households in Nigeria, in a way that is affordable for them and sustainable for our business.”

Bolaji Balogun, CEO of Chapel Hill Denham, emphasized the transformative impact of the transaction, saying, “This signifies a pivotal stride in sustainable infrastructure investment in Nigeria, setting a transformative precedent for the renewable energy sector.”

Anshul Rai, Partner: Infrastructure & Climate at Chapel Hill Denham, highlighted the significance of local currency securitization in financing Solar Home Systems and other solar-powered household goods, marking a historic milestone for Nigeria. This approach will help catalyze innovation in the renewable energy sector and contribute to the nation’s sustainable development goals.

Nigeria is Africa’s most populous country and its largest economy. Last year’s Energy Progress Report, compiled by the International Renewable Energy Agency, the International Energy Agency, the UN and the World Bank, identified Nigeria as the country with the largest number of people without access to electricity. Even those connected to the grid rarely receive a reliable supply.

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About author

Editor at TechArena. I cover all things technology and review new gadgets as I get them. You can reach me on email: kaluka@techarena.co.ke
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