Investor Name
Brighter Life Kenya 1 Limited (BLK1)
Fund(s)
Company List
Note
BLK1 is an off-balance sheet financing vehicle that is dedicated to acquiring pay-as-you-go (PAYGO) Solar Home System (SHS) accounts receivables from d.light’s Kenyan subsidiary, d.light Limited (d.light Kenya). It has been set up to provide the company with flexible, working capital to finance its continued growth. As a social impact venture, the newly expanded BLK1 is expected to finance the provision of: ▪ improved energy access and financial inclusion to 1.9 million people living off-grid in Kenya; ▪ The creation of USD 88 million of additional income for the Kenyan economy and its consumers; and ▪ Over 600,000 tons of greenhouse gases saved. BLK1 has been structured to provide d.light Kenya with local currency financing (up to the Kenyan Shillings equivalent of ca. USD 127 million in face value of receivables purchased) over a two year commitment period and is intended as the first in a series of vehicles designed to provide d.light with continuing access to sustainable and affordable local currency receivable financing. Part of BLK1 is being financed by a senior debt facility with USD 20 million of commitments from DFC and USD 15 million from Norfund. SFC acts as the subordinated lender and the master servicer under the transaction and, more generally, as sponsor of the structure.
Description
Asset Owner
Currency
US Dollar
YearFounded
0
Country
Unknown
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