Bedell Cristin guides investors in US$62 million Kenya solar homes funding
22 June 2022
A team from Bedell Cristin in Jersey, working with the London and New York offices of global law firm Hogan Lovells, has advised a group of investors on the Jersey aspects in a US$62 million debt facility that will further develop sustainable energy use in Africa.
The borrower, Brighter Life Kenya 2 Ltd (BLK2), is a special purpose vehicle established to purchase receivables for solar home systems originated by d.light Limited in Kenya. BLK2 was set up by Solar Frontier Capital Limited, a wholly owned subsidiary of African Frontier Capital, and in consultation with d.light Design Inc., a leading provider of solar energy products. Financing under the debt facility will help provide d.light Limited with working capital to foster its sustainable growth and continuing impact on millions of lives by providing renewable lighting to people living off-grid in Kenya.
The group of senior lenders represented by Bedell Cristin and Hogan Lovells consists of:
- Norfund, a Norwegian state-owned company with limited liability;
- Oikocredit, Ecumenical Development Cooperative Society U.A., a cooperative society with excluded liability;
- Three vehicles managed by responsAbility Investments AG;
- United States International Development Finance Corporation (DFC), an agency of the United States of America.