d.light, a leading provider of solar-powered products and affordable finance for low-income households, has secured a landmark $7.4 million financing facility from Chapel Hill Denham's Nigeria Infrastructure Debt Fund (NIDF). This investment will fuel the expansion of d.light's Pay-Go offering, making clean and reliable energy accessible to more families across Nigeria.
The securitized financing structure, set up and sponsored by African Frontier Capital, utilizes future customer payments to guarantee the loan, offering a flexible and scalable solution for expanding off-grid solar access.
"This partnership opens doors for low-income families in Nigeria to access our life-changing solar products affordably and sustainably," said Nick Imudia, CEO of d.light. "We are thrilled to have Chapel Hill Denham as a partner who shares our commitment to both commercial success and positive social impact."
With over 86 million Nigerians lacking access to electricity and a growing reliance on fossil fuels, the need for clean and reliable energy solutions is critical. This collaboration addresses these challenges by providing:
Affordable financing: Pay-Go allows customers to purchase solar products in installments, making them accessible to even low-income households.
Clean energy: Solar power reduces reliance on fossil fuels and their associated greenhouse gas emissions.
Economic empowerment: Access to reliable energy can improve livelihoods and create new opportunities.
"This transaction marks a significant step forward for sustainable infrastructure investment in Nigeria," said Bolaji Balogun, CEO of Chapel Hill Denham. "By pioneering local currency securitization for solar home systems, we are unlocking innovation and empowering communities towards a brighter, more sustainable future."
This partnership represents a significant milestone in expanding access to clean energy in Nigeria. By combining d.light's expertise in solar solutions with Chapel Hill Denham's financial acumen, the collaboration promises to make a lasting impact on the lives of millions of Nigerians.
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