by Sun King in Kenya has made a spectacular leap forward in the clean energy space. The off-grid solar energy leader just closed a landmark $156 million (KES 20.1 billion) solar financing deal—sending ripples through the renewable energy sector.
This deal is the largest securitisation ever completed in Sub-Saharan Africa outside South Africa. It aims to bring reliable, affordable solar power to 1.4 million Kenyan homes and businesses. In a country where millions still lack access to steady electricity, the impact is set to be transformative.
Local Power, Local Currency
What sets this Sun King in Kenya deal apart? For starters, it’s structured entirely in Kenyan shillings. That means local capital is powering local solutions. Arranged by Citi and placed by Stanbic Bank Kenya, the funding consortium reads like a who’s who of heavyweight finance: Absa Bank Kenya, Citi, The Co-operative Bank of Kenya, KCB Bank Group, Standard Bank Group, British International Investment, FMO (the Dutch entrepreneurial development bank), and Norfund all have chips in the game. This is the first time a majority of the funding comes from commercial banks, rather than development donors.
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Unlocking Affordable Solar Access
Sun King in Kenya follows a pay-as-you-go model. Households and small businesses can access solar home systems by making small, flexible daily payments—starting as low as KES25 ($0.19), often via mobile money. No hefty upfront fees. No credit checks.
With this model, the company has already granted $1.3 billion in solar loans to almost 10 million customers across Africa. To put it in perspective: nearly one in three Kenyan households already uses a Sun King solar product. This fresh injection is expected to boost that figure dramatically.
Clean Energy, Healthier Lives
The new Sun King in Kenya financing will do more than power lights. The switch to solar products means Kenyan families can ditch expensive, polluting kerosene and diesel for clean and reliable energy.
For many, that means better indoor air quality, fewer respiratory illnesses, and more money in the household budget. Sun King estimates the deal will finance about 1.4 million solar products and smartphones, with an outsized impact on women and rural communities.
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Massive Financial Innovation
Securitisation is hardly a buzzword in African local markets. This deal is blazing a trail. It works by converting customer repayments on solar products into investable assets, allowing Sun King in Kenya to raise long-term, local currency debt on a large scale.
This model attracts return-seeking, local investors—critical for sustainable growth in Africa’s renewables sector. The transaction also falls under Sun King’s Sustainable Financing Framework, earning a high sustainability rating from Moody’s. It’s a template ready to be replicated elsewhere across Africa.
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Industry Milestone
Industry experts are calling the $156 million financing from Sun King in Kenya a pivotal step for energy equity in Africa. “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,” said Anish Thakkar, Sun King co-founder. The deal is privately rated and fully compliant with Kenya’s capital market regulations.
Sun King in Kenya isn’t stopping here. This new funding builds on a $130 million deal completed in 2023. In total, Sun King has now secured $450 million in local currency clean energy financing across Kenya, Nigeria, and Tanzania.
The message is clear. With strong local partnerships, groundbreaking financial models, and a relentless focus on customer needs, Sun King in Kenya is lighting the way to a sustainable, electrified, and healthier future—one household at a time.
