d.light Expands Financing for Solar Energy in Africa

Nairobi, Kenya

D.light, a solar energy company founded at Stanford University, has significantly increased its capacity for consumer financing in Africa. On July 1, 2025, the company announced the expansion of its receivables financing facility, allowing it to purchase over $300 million in consumer debt. This brings its total securitized financing capacity to an impressive $842 million across five facilities.

The funding will be used to provide solar products to off-grid communities in Kenya, Uganda, Tanzania, and Nigeria. Through the expanded “Brighter Life by d.light” (BLd) facility, the company aims to reach 10 million people over the next two years with its innovative PayGo financing model. This approach allows households earning less than $5 a day to afford solar systems by paying as little as $2 per week.

“The expansion of BLd marks a pivotal moment in our journey to provide affordable solar energy to millions,” said d.light CEO Nedjip Tozun. “Securitization has been a crucial innovation that has allowed us to scale our consumer financing offering, unlocking affordability.”

The multi-currency facility aims to solve pricing inconsistencies for companies operating in various African countries. This means customers in places like Kampala and Dar es Salaam will have access to consistent pricing and terms.

d.light’s business model is showing success. The company’s $110 million Brighter Life Kenya 1 Limited facility repaid its senior debt ahead of schedule from internally generated cash flows, confirming the sustainability of its model.

Since its establishment in 2007, d.light has sold 40 million solar products and has positively impacted over 200 million lives. This accomplishment proves that the bottom of the pyramid can be a viable market when approached properly.

The financial backing for this expansion comes from Mirova, a sustainable investment firm based in Paris, and facilitated by African Frontier Capital. Rim Azirar from Mirova stated, “Mirova is proud to continue supporting d.light in their mission to provide clean energy for all.”

Eric De Moudt, CEO of African Frontier Capital, emphasized the importance of innovative financing in social impact. “We are proud to continue our partnership with d.light and support their efforts in expanding energy access,” he said.

D.light’s model packages thousands of small PayGo loans into investment-grade securities, creating a crucial link between international capital markets and African consumers. This approach could potentially be applied to other sectors, such as agriculture, provided companies can demonstrate similar operational excellence.

As d.light continues to scale its financing capacity and fulfills its ambition to transform the lives of one billion people through sustainable energy, it stands out not only as an energy provider but as a financial services company.