d.light, a Kenyan based off-grid solar provider has secured US$5 million financing from a consortium from several US companies including Citi Inclusive Finance, the Overseas Private Investment Corporation (OPIC) and the Ford Foundation.
d.light will use the funds to expand access to off-grid solar energy in Kenya.
The financing is part of Scaling Enterprise, a US$100 million loan guarantee facility, which will enable Citi to provide early-stage financing to companies that expand access to products and services for low-income communities in emerging markets.
“For many companies that are working to meet the needs of vulnerable and underserved populations in emerging economies, their reach is limited by a lack of access to affordable finance,” said Bob Annibale, Global Director, Citi Inclusive Finance. “Scaling Enterprise is an example of how multisector partnerships and collaboration with trusted local intermediaries can serve this last mile to reach communities and drive inclusive economic growth.”
In mid this year, d.light raised US$18 million investment from SunFunder, DWM and SIMA to expand its operations across Africa.
The company has already brought solar power to nearly 100 million people without access to reliable electricity since 2007 using pay-as-you-go financing solutions