- The firm has secured a $30 million securitization facility from TDB Group.
- The funding will reach more low-income households in Tanzania through the Pay-Go business.
d.light, a solar energy supplier for low-income households and affordable finance provider, has secured a $30 million facility from the Eastern and Southern African Trade and Development Bank Group (TDB Group), with the capability to purchase up to $125 million of receivable assets.
This capital will boost its existing securitized financing facility in Tanzania and scale up its low-cost Pay-Go personal finance service in the country so that more low-income individuals and households can purchase the company’s affordable, solar-powered household products.
According to the Chief Executive Officer of d.light, Nick Imudia, the new financing from TDB has provided the company additional funding to reach more low-income families and households in Tanzania through its Pay-Go business in a way that is affordable for its customers and sustainable for its business.
Commenting on the funding, the CEO of TDB, Michael Awori, said, “Access to energy is critical to the sustainable development of the continent, especially for the most vulnerable off-grid communities. As one of the leading renewable energy financiers in the region, we are delighted to extend this second facility to d.light, this time in Tanzania. Globally, in 2022 alone, the company reached over 1,677,216 people through the PAY-GO model, created nearly 2,000 jobs, and averted 1,329,371 tons of CO2 and black carbon emissions with solar replacing kerosene lamps. This is the kind of impactful track record TDB is keen to support.”
Since 2020, d.light has raised $490 million in securitized financing, and TDB will anchor the financing facility in Tanzania.