Kenya’s solar provider d. Light has secured a Sh500 million financing from a consortium of three US organisations to develop off-grid solar energy in the country.
The equity is part of a Sh10 billion loan guarantee facility offered by the Overseas Private Investment Corporation, the Ford Foundation and Citi Inclusive Finance.
d. Light said the funds would be used to offer affordable pay-as-you-go products.
The loan is part of a $100 million (Sh10 billion) fund by the three organisations that focus on finance, energy, affordable housing, water and sanitation.
“By aligning our collective resources to strengthen and empower hyperlocal institutions, there is a pathway to create a more just and responsible approach with hopefully more equitable outcomes,” said Ford Foundation deputy director of mission investments Christine Looney in a statement.
This is the latest investment in d. Light, which in July received a Sh1.84 billion from a consortium of lenders to help accelerate its growth in Africa.
The equity injection by two responsAbility-managed funds, SunFunder, DWM and SIMA will enable the company to expand its product line.