d.light and Solar Frontier launch new solar financing vehicle

Image Credit: d.light

Brighter Life Kenya 2, the solar industry’s largest off-balance sheet financing facility, was launched last week. The new financing vehicle is sponsored by Solar Frontier Capital, a subsidiary of African Frontier Capital, and d.light, a high-profile solar products and financing business operating in Africa. The $238 million financing is being partially financed by a $62 million senior lending facility backed by DFC, the USA’s development finance institution, Norfund, responsAbility‘s managed funds, and Oikocredit.

Brighter Life Kenya 2 will provide d.light with additional working capital, allowing it to expand its ability to provide more consumers with financing to install and buy the products necessary to access reliable power. Customers will use the financing to buy a range of products from solar home systems to in-home appliances and smartphones. The facility has been structured to provide d.light with multi-currency financing over two years, providing the company with access to sustainable and affordable receivables financing for its operations in Kenya. d.light has plans to expand into other African countries in the near future.

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