d.light, the global provider of transformational household products and affordable finance for low-income households, and Chapel Hill Denham, the largest alternatives asset manager in Nigeria, today announced the closing of a landmark USD$7.4 million (N10 billion) securitized financing facility.
The new financing will be provided by Chapel Hill Denham’s Nigeria Infrastructure Debt Fund and will be used to scale up d.light’s low-cost Pay-Go offering of affordable, solar-powered products targeted at low-income households.
The structure of the financing was set up and is sponsored by African Frontier Capital, who also acts as the master servicer and backup servicer in the transaction.
Commenting on the news, d.light CEO Nick Imudia said, “This landmark financing opens up access to our range of solar-powered household goods to more low-income families and households in Nigeria, in a way that is affordable for them and sustainable for our business.
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