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Kenyan Solar Startup d.light Secures $65 Million Debt Funding From Solar Frontier Capital

Solar Frontier Capital Limited and solar energy startup d.light, a leading global innovator of solar energy products, have jointly announced the establishment of a KSh6.5 billion ($65 million)financing vehicle to be known as Brighter Life Kenya 1 (BLKI) Limited.

  • The off-balance sheet financing vehicle is dedicated to acquiring pay-as-you-go solar home system accounts receivables from d.light’s Kenyan subsidiary to provide the company with flexible, working capital to finance its continued growth.
  • BLK1 is expected to finance the provision of improved energy access to 1.2 million people in Kenya, coming on the heels of d.light celebrating its 100 millionth customer.

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  • Part of BLK1 is being financed by a Sh2 billion ($18.7 million)senior debt commitment from US International Development Finance Corporation (DFC). 
  • SFC, a wholly-owned subsidiary of African Frontier Capital (AFC, Mauritius), acts as the subordinated lender and the master servicer under the transaction.
  • The project has been structured to provide d.light Kenya with local currency financing over a two-year commitment period and is intended as the first in a series of vehicles designed to provide d.light with continuing access to sustainable and affordable local currency receivable financing.

d.Light At A Glance

  • Although started by the Americans Sam Goldman and Ned Tozun, the Kenya-based startup provides solar-powered solutions — ranging from lights, phone chargers, radios, and even televisions — which are sold in over 60 countries.
  • In April, it opened a regional office and service center in Eldoret, Kenya as part of the company’s expansion strategy to reach and impact 100 million lives globally by 2020.
  • The center offers sales services and after-sales services for d.Light’s products including solar home systems and portable solar powered lanterns.
  • In 2019, the startup received up to $18 million capital injection from a consortium of lenders to help accelerate its growth in Africa.

What Does Receivable Financing Mean In Startup Funding?

According to Velotrade, receivables financing takes place when a business receives funding based on purchases that have been made but haven’t been paid for by the clients (accounts receivable). 

Source: https://afrikanheroes.com/2020/06/14/kenyan-solar-startup-d-light-secures-65-million-debt-funding-from-solar-frontier-capital/

GetFundedAfrica is a technology-based, business information platform operated by Afriscaper Research & Consulting Limited with a mission to reduce barriers to funding for African businesses. GFA matches investor ready, African & African-Diaspora owned companies with global investors, leveraging market research, industry data and news aggregation

Are you an entrepreneur? Share your story with us and get featured on our platform send us an email nichole@getfundedafrica.com

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