Sun King Secures $156M to Expand Clean Energy for 1.4M Kenyan Homes in Landmark Sub-Saharan Deal

Sun King, a leading provider of off-grid solar energy solutions in Africa and Asia, has announced the successful closure of a $156 million local-currency securitisation deal—the largest of its kind in Sub-Saharan Africa outside of South Africa. The landmark transaction is set to expand clean energy access to 1.4 million low-income households and businesses across Kenya, helping communities transition from polluting energy sources such as kerosene and diesel to affordable solar solutions.

Currently, nearly one in three Kenyans relies on a Sun King solar product, underscoring the company’s significant presence in the country’s off-grid energy sector.

The transaction was arranged and structured by Citi, with Stanbic Bank Kenya Ltd (a member of Standard Bank Group) serving as the placement agent. The securitisation is backed by a consortium of prominent financial institutions, including Absa Bank Kenya, British International Investment, Citi, Co-operative Bank of Kenya, FMO – the Dutch entrepreneurial development bank, KCB Bank Group, Norfund, and Standard Bank Group.

This deal marks a first-of-its-kind securitisation in the region to be majority-funded by commercial banks, highlighting a major shift in how local capital can be mobilized to deliver local solutions. Industry experts consider this a pivotal step toward advancing energy equity and supporting a just energy transition across the continent.

By tapping into local capital markets, the securitisation sets a precedent for scalable, sustainable financing models in the renewable energy space—potentially paving the way for similar initiatives throughout Africa.