In adding another $15 million of senior debt to Brighter Life Kenya 1 (BLK1), Norfund has increased the size of the local currency receivables financing facility for off-grid solar energy provider d.light’s Kenyan business to $127 million and joined the U.S. International Development Finance Corporation (or DFC) as a senior lender in the securitization vehicle’s capital structure.
BLK1 buys d.light’s pay-as-you-go accounts receivables for the off-grid company’s Kenyan subsidiary, providing it with a source of flexible, working capital to support the unit’s investment in additional solar home system inventory and underpin its continued growth. The off-balance sheet vehicle was set up by d.light in partnership with Solar Frontier Capital, a subsidiary of African Frontier Capital, an investment group with a presence in the UK and Mauritius.
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