d.light, Chapel Hill Denham reveals it has $7.4m fund for off-grid solar expansion in Nigeria

The global provider of transformative household products and affordable finance for low-income households, d.light has announced the successful closure of a significant $7.4 million (N10 billion) securitized financing facility.

This development, in collaboration with Chapel Hill Denham, Nigeria’s largest alternative asset manager, is meant to support the expansion of d.light’s low-cost Pay-Go offering of affordable, solar-powered products targeted at low-income households.

Chapel Hill Denham’s Nigeria Infrastructure Debt Fund will provide the new financing, structured and sponsored by African Frontier Capital, which will also act as the master servicer and backup servicer in the transaction. The Chief Executive Officer of d.light, Nick Imudia, expressed optimism about the financing, stating that it will enhance access to solar-powered household goods for more low-income families in Nigeria, making them affordable and sustainable.

d.light, founded in 2007, operates globally and has sold nearly 30 million products, impacting over 150 million lives. The company entered the Nigerian market in September 2020 with a commitment to transform one billion lives globally by 2030. Chapel Hill Denham, known for its role in African financial services, sees this transaction as a significant stride in sustainable infrastructure investment in Nigeria, setting a transformative precedent for the renewable energy sector.

Chapel Hill Denham’s CEO, Bolaji Balogun, highlighted the importance of local currency securitization in financing solar home systems and essential solar-powered household utilities, catalyzing innovation and contributing to sustainable development. This marks a noteworthy milestone for Chapel Hill Denham and the Nigeria Infrastructure Debt Fund, representing the first-ever at-scale, local currency securitization financing for such projects in Nigeria.