Sun King, the world’s largest off-grid solar energy company, has closed a Ksh 20.1 billion ($156 million) securitisation deal to expand access to affordable solar energy across Kenya.
The funding is expected to connect an estimated 1.4 million low-income households and businesses to electricity—many for the first time—by replacing costly and polluting fuels such as kerosene and diesel.
The deal was structured by Citi, with Stanbic Bank Kenya Ltd, a member of the Standard Bank Group, serving as the placement agent.
“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. Return-seeking, local capital in local currency is essential to unlocking the scale and speed needed to achieve universal energy access,” said Anish Thakkar, Co-Founder of Sun King.
Additionally, the financing is backed by five local and international commercial banks, as well as three development finance institutions.
Sun King Pay-As-You-Go- Go Solar Project
Sun King’s success hinges on its pay-as-you-go solar model, which allows customers to acquire solar products by making small, daily payments starting from as little as Ksh 25 through mobile money.
To date, the company has extended over $1.3 billion in solar loans to nearly 10 million individuals across Africa.
The new securitisation enables Sun King to raise long-term local currency debt by converting future repayments from solar customers into investable assets.
“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,” added Anish Thakkar, Co-Founder of Sun King.
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Expansion of Solar Project
The deal also aligns with Kenya’s progress toward near-universal electricity access by 2030, as reported by the International Energy Agency (IEA).
Kenya is one of the few Sub-Saharan African countries on track to meet that target, with standalone, rooftop solar systems playing a key role in closing the access gap.
Moreover, the deal supports a World Bank and African Development Bank-led initiative to connect 300 million Africans to electricity by 2030.
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The initiative underscores the importance of mobilising local capital to meet this ambitious goal, to be a key example of how sustainable, return-driven local finance can scale clean energy solutions.
The company’s previous $130 million securitisation in 2023 laid the groundwork for this expanded effort, which now pushes the boundaries of clean energy financing in Africa.
“This second securitisation is part of Sun King’s broader effort to raise local currency capital across Africa. So far, Sun King has raised $450 million across Kenya, Nigeria, and Tanzania,” ended the statement.
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