The Jersey-based arm of offshore law firm, Bedell Cristin, worked with the global law firm Hogan Lovells, to advise investors on the provision of multi-million dollar funding for two financing vehicles, Brighter Life Kenya 1 Ltd (BLK1) and Brighter Life Kenya 2 Ltd (BLK2), established to purchase pay-as-you-go solar home systems accounts receivables from solar energy product developer d.light.
Bedell Cristin advised the original cornerstone senior lender, US International Development Finance Corporation (DFC), on the Jersey aspects of its US$20 m senior debt commitment to BLK1 in 2020. It also provided Jersey law advice to DFC and the Norwegian Investment Fund for Developing Countries (Norfund) in 2021 when Norfund joined DFC as co-senior lender and BLK1’s receivable financing facility was increased to US$127 m.
BLK1 is expected to help finance improved energy access and financial inclusion to 1.9 million people living off-grid in Kenya, as well as creating an additional US$88 million of income for the Kenyan economy and save more than 600,000 tons of greenhouse gases.
In 2022, Bedell Cristin provided advice to the senior lenders, DFC, Norfund, Oikocredit, Ecumenical Development Cooperative Society U.A., and certain vehicles managed by responsAbility Investments AG, on the Jersey aspects in a US$62 million debt facility to BLK2, to help provide d.light with working capital to foster its growth and continuing impact on millions of lives by providing renewable lighting to people living off-grid in Kenya.
For more information on BLK1, BLK2 and Bedell Cristin’s involvement in other projects please visit Bedell Cristin’s website