Walkers (Jersey) has advised African Frontier Capital, Mauritius (AFC) on the Jersey law aspects of a $65m receivables financing transaction that will enable people living off-grid in Kenya to buy d.light solar home systems and related solar products.
Walkers delivered a significant proportion of its work on a pro bono basis.
Under the transaction, Brighter Life Kenya 1 (BLK1), a newly incorporated Jersey company and an indirect subsidiary of AFC, will receive one or more loans from US International Development Finance Corporation (DFC) as senior lender.
The loans from DFC will be secured by receivables derived from consumer finance agreements between the Kenyan subsidiary of d.light and its customers. The loans are repaid through mobile phone payments, and those payments are ultimately used to repay DFC.
By providing d.light with flexible working capital to finance its growth, BLK1 is expected to finance the provision of improved energy access to more than a million people in Kenya.
It is intended to be the first in a series of vehicles established to provide d.light with continuing access to receivables financing.
Allen & Overy advised AFC on matters of English law and New York law, and Kaplan & Stratton, Advocates Kenya advised AFC as to matters of Kenyan law.
Bedell Cristin Jersey Partnership, working with Hogan Lovells, advised the DFC on the Jersey aspects of a $20m senior debt financing commitment to assist in the creation of the $65m financing vehicle. The Bedell team was led by led by Partner Alasdair Hunter.