Nigeria: Chapel Hill Denham debt fund backs off-grid solar products company
Nigeria: Chapel Hill Denham debt fund backs off-grid solar products company
D.light and Chapel Hill Denham announced the closing of a $7.4 million facility.
Africa Private Equity News’ Connect messaging service is now free. Directly message other private equity professionals in our community.
Download the free Africa Private Equity News app: Android | iOS (or search for it in the app store)
Tap on the top-right icon to log in or register a free account
Tap on bottom-right Connect icon to start chatting
D.light, a provider of off-grid solar products for low-income households, and Chapel Hill Denham, an alternatives asset manager in Nigeria, announced the closing of a $7.4 million (₦10 billion) securitised financing facility.
The new financing will be provided by Chapel Hill Denham’s Nigeria Infrastructure Debt Fund and will be used to scale up D.light’s low-cost pay-go offering of affordable, solar-powered products.
The structure of the financing was set up and is sponsored by African Frontier Capital, which also acts as the master servicer and backup servicer in the transaction.
Commenting on the news, D.light CEO Nick Imudia said, “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.
Bolaji Balogun, chief executive officer of Chapel Hill Denham, commented, “This transaction signifies a pivotal stride in sustainable infrastructure investment in Nigeria, setting a transformative precedent for the renewable energy sector. By pioneering local currency securitisation for the financing of solar home systems and essential solar-powered household utilities in Nigeria, Chapel Hill Denham is catalysing innovation in the renewable energy sector, advancing sustainable development, empowering communities, and reshaping Nigeria's infrastructure landscape for a brighter, more sustainable future for all.”
* Subscribe to Africa Private Equity News’ monthly Dealmaker’s Log for a database of the reported investment deals, exits and fundraising closes. Click here for more information.