Sun King Secures $156M Kenya Deal

Key Figures & Findings: Off-grid solar leader Sun King has closed a $156 million local-currency securitisation to expand electricity access in Kenya, described as the largest transaction of its kind in Sub-Saharan Africa outside South Africa. The initiative, arranged by Citi and placed by Stanbic Bank Kenya, is backed by a consortium including Absa Bank Kenya, British International Investment, Co-operative Bank of Kenya, FMO, KCB Bank Group, Norfund, and Standard Bank Group.

Statistics & Insights: The transaction will fund electricity access for 1.4 million low-income homes and businesses, reducing dependence on kerosene and diesel. It is the first securitisation of its kind to be majority-funded by local commercial banks.

Future Implications: The financing is expected to accelerate Kenya’s universal energy access goals by 2030 while setting a precedent for scaling domestic capital mobilisation for renewable energy projects in emerging markets.

Source: Sun King