Jersey firm advises on $30m debt facility to help renewable energy efforts in Tanzania

Tuesday 28 November 2023

Bedell Cristin has helped an African bank with aspects of a $30 million debt facility that will support the use of renewable energy in Tanzania.

The law firm's team in Jersey collaborated with the global law firm Hogan Lovells to provide advice to the Eastern and Southern African Trade and Development Bank (TDB).

The funding will help allow low-income households to buy solar-powered home products. It will be used by solar company d.light, who will work with their lending partner, African Frontier Capital (AFC), to create a new financing vehicle called Brighter Life Tanzania.

This will help them grow their Pay-Go personal finance service, allowing low-income households to buy solar-powered products in line with high demand. 

The Bedell Cristin team was led by Partner Alasdair Hunter who was supported by Senior Associate Malcolm Ellis.

The Chief Executive of d.light, Nick Imudia, said: “This new financing from TDB gives us the extra funding to reach more low-income families and households in Tanzania via our Pay-Go business, in a way that is affordable for our customers and sustainable for our business.”

She added: "As a scalable method of financing, securitisation is an important fiscal tool to help African countries achieve the United Nations’ Sustainable Development Goals for energy access. Expect further expansion of this facility by d.light into other major sub-Saharan African markets during 2023."