Page 5 - AfrElec Week 35 2022
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AfrElec INVESTMENT AfrElec
Clean energy products provider
d.light secures $50mn to fund
expansion in Africa
AFRICA CALIFORNIA-BASED global provider of clean the bank.
energy products, d.light, has received a $50mn “We have seen d.light transform over 125
investment from a consortium of lenders to fund million lives with their products and are happy
its expansion across Africa. to have been part of their journey of building
Mirova SunFunder and the Eastern and a future of clean energy for all,” said Collins
Southern African Trade and Development Bank Kuindwa who led the transaction for Mirova
(TDB) were co-mandated lead arrangers on the SunFunder.
facility, which also included the Dutch entrepre- “We are delighted to have co-led this syndi-
neurial development bank FMO, Africa Busi- cate of proactive lenders who worked together
ness Communities reported. with one common goal: to provide d.light with
The investment is structured as a balance additional capital to transform the lives of 1 bil-
sheet debt facility and will enable continued lion people with sustainable products by 2030,”
expansion of the company’s solar and Pay-Go he added.
consumer finance business in Africa, which Marina Pannekeet, Manager Energy East-
allows improved reach to the most vulnerable ern & Southern Africa at FMO said: “The lack
and off-grid customers. of access to energy continues to hold back social
In addition to the $238mn off balance sheet and economic development, particularly in
facility and other financings closed in the last six Sub-Saharan Africa. As such, supporting off-
months, this brings total capital raised for d.light grid renewable energy solutions is key to FMO’s
in 2022 to over $300mn, the company said in a strategy.”
press release. In the past 12 years, d.light has provided
TDB has been financing renewable energy solar energy to more than 125mn people in
projects in the region it serves for many years, 70 countries. Their product line ranges from
including in wind, solar, hydro and other affordable portable solar lanterns to solar home
sources. Financing off-grid solar home systems systems and appliances such as TVs, fans, and
is aligned with TDB’s climate strategy and con- smartphones.
tinued engagement with private enterprises, said
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