Sun King raises $156 million to provide solar for over a million Kenyans
Summary
Sun King said the deal builds on its $130 million securitisation completed in 2023.
Sun King, the world’s largest off-grid solar energy company, has closed a $156 million (KES 20.1 billion) securitisation to scale affordable solar across Kenya.
The local currency deal will enable an estimated 1.4 million low-income households and businesses to access electricity (the first time for many of them) and shift away from costly, polluting fuels like kerosene and diesel.
This is Sun King’s second and largest Kenyan-Shilling-denominated securitisation. The deal is also the largest securitisation ever completed in Sub-Saharan Africa outside South Africa, according to the company.
Arranged and structured by Citi with Stanbic Bank Kenya Ltd acting as the placement agent, the securitisation is backed by five international and local commercial banks and three development finance institutions: British International Investment, the Dutch’s FMO, and Norwegian Norfund.
Sun King said the deal builds on its $130 million securitisation completed in 2023.
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