d.light Secures $7.4 Million Financing to Expand Affordable Solar Products in Nigeria

Yesterday, d.light, a provider of affordable household products, announced the closing of a significant $7.4 million financing deal. 

This collaboration with Chapel Hill Denham, Nigeria’s largest alternative asset manager, aims to enhance access to solar-powered products for low-income households in Nigeria.

The financing, provided by Chapel Hill Denham’s Nigeria Infrastructure Debt Fund, will support the expansion of d.light’s low-cost Pay-Go solar products tailored for low-income families.

African Frontier Capital structured and sponsored the financing, with plans to serve as the master and backup servicer in the transaction.

Nick Imudia, d.light’s CEO, expressed excitement about the opportunity to reach more Nigerian families affordably. He highlighted d.light’s successful track record in using securitized finance across Sub-Saharan Africa.

Founded in 2007 by Ned Tozun and Sam Goldman, d.light operates globally and has sold over 30 million solar-powered products, impacting millions of lives.

Chapel Hill Denham, a prominent name in African financial services, sees this transaction as a pivotal step in sustainable infrastructure investment in Nigeria. Bolaji Balogun, CEO of Chapel Hill Denham, emphasised the transformative potential of renewable energy financing in Nigeria.

Anshul Rai, Partner at Chapel Hill Denham, underscored the significance of this milestone, marking the first large-scale local currency securitization financing for solar-powered household goods in Nigeria.

d.light previously secured a $30 million facility in 2023 and reported a 41% revenue growth in the same year, with Nigeria experiencing a 143% business growth driven by innovative financing solutions.

This financing matters because Nigeria faces significant energy challenges, with millions lacking access to reliable electricity. d.light and Chapel Hill Denham aim to address these challenges by promoting clean and affordable energy solutions.