d.light, which provides sustainable products and financing for low-income households internationally, has secured $30 million from the Eastern and Southern African Trade and Development Bank Group (TDB), with the ability to purchase up to $125 million of receivable assets to help increase access to renewable energy in Tanzania.
The capital will be used to increase the company’s securitized financing facility in Tanzania and grow its Pay-Go personal finance service, which allows low-income households to purchase the company’s affordable, solar-powered home products. This expansion will be especially useful for meeting the demand for off-grid solar products needed in the most vulnerable communities in the country.
“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,” said Nick Imudia, CEO of d.light. “As a scalable method of financing, securitization is an important fiscal tool to help African countries achieve the United Nations’ Sustainable Development Goals for energy access. Expect further expansion of this facility by d.light into other major sub-Saharan African markets during 2023.”