Sun King Secures Landmark $156 Million to Power Over a Million Kenyan Homes with Solar
Sun King, a leading Kenyan firm specializing in pay-as-you-go off-grid solar solutions, has successfully closed a monumental $156 million (approximately KES 20.1 billion) securitisation deal. This significant financial injection is set to dramatically expand access to affordable, clean solar energy across Kenya, targeting communities that have long relied on traditional, often harmful, energy sources like kerosene and diesel. The funding underscores a growing confidence in Africa’s green energy sector and Sun King’s innovative model.
Driving Sustainable Energy Access and Economic Empowerment in Kenya
This substantial capital infusion is projected to empower an estimated 1.4 million low-income households and small businesses in Kenya, providing them with reliable electricity for the very first time. By transitioning from polluting fossil fuels to sustainable solar power, these communities stand to benefit from improved health, reduced expenses, and enhanced productivity. Anish Thakkar, Co-Founder of Sun King, highlighted the transformative nature of such financing, stating, “Millions of off-grid households have switched to solar thanks to small ‘pay-as-you-go’ loans. This deal signals a major turning point for green energy finance in Africa. It shows that African commercial banks believe in the power of pay-as-you-go solar and are ready to back it with serious capital.” This deal marks Sun King’s second successful securitisation, following a $130 million facility secured in 2023. Notably, this latest agreement represents the largest securitisation ever completed in Sub-Saharan Africa outside of South Africa, signaling a maturing market for innovative financing in African clean tech. The facility was strategically arranged and structured by Citi, with Stanbic Bank Kenya Ltd playing a crucial role in the financing consortium, illustrating strong support from prominent financial institutions.
The successful closure of this $156 million securitisation by Sun King not only reinforces its position as a pioneer in off-grid solar energy but also marks a pivotal moment for green energy finance across the African continent. It demonstrates the viability and scalability of pay-as-you-go solar models, paving the way for increased investment in sustainable development and energy access initiatives that are critical for economic growth and environmental protection in Kenya and beyond.
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