d.light, an Off-grid solar provider has secured a funding from African Frontier Capital to purchase USD$176 million of receivables in Kenya, Tanzania and Uganda.
The facility is aimed to scale up its PayGo consumer finance offering to make solar powered products available to more low-income households and communities without access to electricity. The facility which is multi-currency, will enable access to reliable, renewable energy for an estimated six million people across the three countries over the next three years.
d.light CEO Nedjip Tozun said, “This new facility is another landmark step in d.light’s mission to provide people with affordable energy that is also clean, safe and sustainable. It lets us expand our reach so that millions of off-grid families across Kenya,Tanzania and Uganda can experience the benefits of solar energy. Facilities like this make possible our pioneering PayGo consumer financing model with which we are able to offer solar home systems and high efficiency appliances to the people that need them most in a way that is affordable and sustainable.”
According to Tozun these facilities allow d.light to remain consistently cash flow positive and remove the requirement for further external equity fundraising to fund the company’s growth.
Founded in 2007 at Stanford in California, d.light is a global leader in making transformative products available and affordable to low-income families. d.light has sold nearly 30 million products, including solar lanterns, solar home systems, TVs, radios, and smartphones, impacting the lives of over 150 million people with a mission to transform the lives of one billion people with sustainable products by 2030.