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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»News»d.light secures $125 million funding to meet Tanzanian off-grid solar demand
    D.Light

    d.light secures $125 million funding to meet Tanzanian off-grid solar demand

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    By Staff Writer on August 14, 2023 News

    In a monumental step towards bringing affordable solar-powered solutions to low-income households, d.light, a global provider of transformative household products, has announced the successful securing of a $30 million securitization facility from the Eastern and Southern African Trade and Development Bank Group (TDB Group). This financial boost comes with the potential to acquire up to $125 million worth of receivable assets, as d.light continues its mission to expand energy access across sub-Saharan Africa.

    Illuminating Tanzania’s Path to Energy Inclusion

    Tanzania, a country with a population of over 63.6 million, faces significant energy access challenges. According to the World Bank, only 40 percent of the population currently enjoys electricity access. Many areas lack grid connectivity and a reliable power supply, making d.light’s mission even more crucial. The new financing secured from TDB Group will bolster d.light’s existing securitized financing facility in Tanzania, enabling the company to scale up its innovative Pay-Go personal finance service. This expansion aims to empower more low-income individuals and households to acquire d.light’s affordable, solar-powered household products.

    Clean Energy Company d.Light Secures $50 Million to Support its Expansion Drive in Africa

    d.light has now raised $490 million in total securitized financing since 2020. The financing facility in Tanzania will be anchored by TDB.

    Founded in 2007 at Stanford in California, d.light is a global leader in making transformative products available and affordable to low-income families. d.light has sold nearly 30 million products, including solar lanterns, solar home systems, TVs, radios, and smartphones, impacting the lives of over 150 million people.

    d.light CEO Nick Imudia said, “This new financing from TDB gives us the extra funding to reach more low-income families and households in Tanzania via our Pay-Go business, in a way that is affordable for our customers and sustainable for our business.” 

    “d.light and our lending partners are long-time pioneers in developing securitized finance as an innovative, scalable financing model for raising equity for off-grid solar that is guaranteed against current and future customer sales. We’ve successfully used the securitization model for several years in Kenya and now we and our partners are expanding it to Tanzania” he added.

    The impact of d.light’s efforts is evident in its impressive track record. In 2022 alone, the company reached over 1,677,216 people through its PAY-GO model, generating nearly 2,000 jobs, and preventing 1,329,371 tons of CO2 and black carbon emissions through the replacement of kerosene lamps with solar solutions. This commitment to positive change resonates with TDB Group, whose CEO, Michael Awori, expressed delight in extending this new facility to d.light. Awori emphasized the importance of energy access for vulnerable off-grid communities and highlighted d.light’s impactful track record.

    A Partnership for Transformation

    d.light’s financing facility operates by harnessing the payments from existing and future customers who purchase solar products using its Pay-Go service. This innovative approach not only facilitates funding but also drives growth and market share expansion in Tanzania. This marks a significant stride towards achieving the United Nations’ Sustainable Development Goals for energy access.

    Eric De Moudt, Founder and CEO of African Frontier Capital (AFC), d.light’s lending partner, hailed the launch of their latest social impact securitization, Brighter Life Tanzania 1 Limited (BLT1). This initiative further solidifies d.light’s commitment to financial inclusion and equitable energy access. De Moudt emphasized the importance of these social impact securitizations in enabling millions of people to embrace reliable and clean energy while fostering a just and equitable energy transition.

    A Bright Future Powered by Solar Energy

    d.light’s dedication to transforming lives through reliable and affordable solar-powered solutions has brought its offerings to over 150 million people worldwide. The expansion of their financing capabilities through partnerships with organizations like TDB Group and AFC underscores their unwavering commitment to creating a brighter and more sustainable future. As d.light’s efforts continue to illuminate homes and communities, the path towards energy inclusion and prosperity in Tanzania becomes clearer, fostering a future where every home has access to affordable and clean energy.

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