d.light and SFC launch Kenyan solar receivables financing
Solar Frontier Capital and d.light have established Brighter Life Kenya 1 (BLK1), a $65 million receivables financing platform. The off-balance sheet financing vehicle will acquire up to $65 million-equivalent of locally-denominated pay-as-you-go account receivables from d.light's Kenyan mini solar and home power subsidiary over a two year commitment period. The deal is the first in a series of vehicles designed to provide d.light with continuing access to sustainable and affordable local currency receivable financing.
BLK1 is to be financed in part by a $20 million senior debt commitment from US Development Finance Corporation. Solar Frontier Capital acts as the subordinated lender and the master servicer under the transaction and, more generally, as sponsor of the structure.
