d.light, the global solar products provider, has raised $50 million from a consortium of lenders to support its expansion in Africa. The US-based company has received this balance sheet debt facility which will facilitate its PayGo consumer finance business and allow launching new products.
The $50 million line of credit opened by the group of lenders includes off-grid solar provider Mirova SunFunder, Netherlands Development Finance Company (FMO), Trade and Development Bank (TDB), a financial institution operating in Eastern and Southern Africa.
The recent funding is one of a series of financings obtained by d.light in recent times. The solar home system provider has secured $238 million in par value receivables financing over a commitment period of two years. This funding is a part of Brighter Life Kenya 2 Limited (BLK2), a local currency-based financing facility for solar home systems which aims to benefit Kenya and other East African countries.