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Bedell Cristin advises U.S. International Development Finance Corporation in US$20M financing for project that will fund solar home systems in Kenya

22 June 2020

Bedell Cristin Jersey Partnership, working with the New York and London offices of international law firm Hogan Lovells, advised U.S. International Development Finance Corporation (DFC), an independent U.S. agency that provides financing to the private sector for projects in the developing world, on the Jersey aspects of a recent US$20 million senior debt financing commitment to assist in the creation of a US$65 million financing vehicle that will ultimately provide energy access to approximately 1.2 million people in rural Kenya. The transaction closed on 5 June.

The innovative off-balance-sheet financing vehicle, Brighter Life Kenya 1 Limited (BLK1), is the result of a joint effort between Solar Frontier Capital Limited, a wholly-owned subsidiary of African Frontier Capital, and d.Light Design Inc., a leading provider of solar energy products. BLK1 will provide funding to purchase accounts receivables of Pay-As-You-Go solar home systems from d.light’s Kenyan subsidiary, providing the company with working capital to finance its continued growth.

The project serves as the first large-scale demonstration of the feasibility of receivables-purchase financing for off-grid solar home systems.

The Bedell Cristin team was led by Partner Alasdair Hunter and included Senior Associate Malcolm Ellis and Associate Louise Ridgway.

Hogan Lovells acted as lead counsel to DFC on the transaction with Kenyan legal advice being provided to DFC by Anjarwalla & Khanna in Nairobi.

Allen & Overy served as outside counsel to Solar Frontier Capital and African Frontier Capital as the borrower, and Norton Rose Fulbright advised d.Light as the seller of receivables.

Jersey Partner Alasdair Hunter said: “This was a fantastic project to be a part of which will make a significant difference to communities in Kenya.

“We’re dedicated to working with our clients to achieve the best outcomes possible and we look forward to seeing the tangible results this deal will bring.”

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Location: Jersey

Related Service: Banking & Finance