Sun King has raised $156 million through a local currency securitisation, to power up to 1.4 million low-income households and businesses across Kenya.
It will accelerating access to clean, affordable solar energy, with the deal becoming one of the largest ever completed in Sub-Saharan Africa outside of South Africa.
The deal marks a major step forward in Africa’s green finance landscape,
It will link long-term customer repayments to institutional capital through pay-as-you-go solar models.
Sun King was founded in 2007 for access to solar energy via daily mobile money payments starting at just Ksh.25.
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To date, the company has disbursed over $1.3 billion in solar loans, reaching nearly 10 million customers across Africa.
Structured by Citi and placed by Stanbic Bank Kenya Ltd, the transaction received backing from five commercial banks and three development finance institutions.
It is Sun King’s second securitisation in Kenyan shillings, following a successful $130 million deal in 2023.
The structure helps Sun King reduce reliance on foreign currency debt and minimize exposure to exchange rate fluctuations. This innovative model enhances the bankability of off-grid solar, aligns capital flows with local development priorities, and unlocks new funding channels from African financial institutions.
Today, over 600 million people in Sub-Saharan Africa still live without reliable electricity, and from what can be termed from the remarkable fundraising – the solar energy firm is poised to offer a scalable, sustainable solution to the underserved.
