- d.light and Chapel Hill Denham have closed $7.4 million in securitized financing to fund off-grid solar expansion in Nigeria
- The financing by Chapel Hill Denham’s Nigeria Infrastructure Debt Fund aims to scale up d.light’s low-cost pay-go offering of affordable, solar-powered products targeted at low-income households.
- This transaction signifies a pivotal stride in sustainable infrastructure investment in Nigeria, says Bolaji Balogun, CEO of Chapel Hill Denham.
d.light, a global provider of household products and affordable finance for low-income households, and Chapel Hill Denham, Nigeria-based alternatives asset manager, have sac à dos eastpak jordan proto max 720 yeezy boost 350 v2 hyperspace yeezy shoes under 1000 inflatable kayak sit top kayak custom kings jersey nike air max 90 futura sac à dos eastpak deuce vaughn jersey nike air max 90 futura 8 ft kayak kansas city chiefs crocs nike air jordan 1 elevate low kansas city chiefs crocs announced closing a landmark $7.4 million (N10 billion) securitized financing facility.
This new financing, provided by Chapel Hill Denham’s Nigeria Infrastructure Debt Fund, aims to scale up d.light’s low-cost pay-go offering of affordable, solar-powered products targeted at low-income households.
The financing structure was set up and sponsored by African Frontier Capital, which also acts as the master servicer and backup servicer in the transaction. This partnership represents a significant step forward in providing sustainable and affordable energy solutions to underserved communities in Nigeria.
In a statement, d.light CEO Nick Imudia expressed his enthusiasm for the impact this financing will have: “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.”
d.light and Chapel Hill Denham improving quality of life for millions
This initiative addresses the energy needs of low-income households and contributes to sustainable development and economic empowerment. By providing affordable and reliable energy solutions, d.light and Chapel Hill Denham are helping to improve the quality of life for millions of people while promoting environmental sustainability.
“d.light has a track record of success in using securitized finance in other Sub-Saharan African countries as a flexible, scalable financing model for raising equity for off-grid solar that is guaranteed against current and future customer sales.
“We are now applying this experience in Nigeria as we scale up our operations there. In Chapel Hill Denham, we have a partner that is not only commercially astute but also equally dedicated to sustainable development,” added Nick Imudia.
The partnership between d.light, Chapel Hill Denham, and African Frontier Capital highlights the importance of innovative financing solutions in driving positive change in emerging markets. This collaboration serves as a model for how private sector entities can work together to address pressing social and environmental challenges while generating sustainable returns.
Bolaji Balogun, Chief Executive Officer of Chapel Hill Denham, highlighted the significance of the transaction, stating, “This transaction signifies a pivotal stride in sustainable infrastructure investment in Nigeria, setting a transformative precedent for the renewable energy sector.”
Chapel Hill Denham’s local currency securitization for financing solar home systems and essential solar-powered household utilities in Nigeria demonstrates a commitment to catalyzing innovation in the renewable energy sector and advancing sustainable development.
Anshul Rai, Partner: Infrastructure & Climate at Chapel Hill Denham, highlighted the milestone of the first-ever at-scale, local currency securitization financing for Solar Home Systems and other solar-powered household goods in Nigeria.
Chapel Hill Denham aims to broaden the range of financing solutions available to infrastructure providers in Nigeria, focusing on addressing the country’s most significant sustainable development challenges.
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People in Nigeria without access to electricity
Nigeria, Africa’s most populous country and largest economy, faces significant energy access challenges. The Energy Progress Report identified Nigeria as the country with the largest number of people (approximately 86 million) without access to electricity.
Even those connected to the grid often experience unreliable supply. Additionally, nearly 80 per cent of Nigeria’s electricity is provided by GHG-emitting thermal generation sources, highlighting the urgent need for a rapid transition to clean and reliable energy sources.
d.light and Chapel Hill Denham are committed to supporting this energy transition through innovative products and financing solutions. By providing affordable and reliable solar-powered products to low-income households in Nigeria, they are improving access to electricity and contributing to environmental sustainability and economic development.
This partnership between d.light and Chapel Hill Denham sets a positive example for sustainable infrastructure investment in Nigeria and demonstrates how collaboration between private sector entities can drive meaningful change.
Through their efforts, they are helping to create a brighter, more sustainable future for all Nigerians.
