Sun King, a provider of solar energy products for off-grid homes in Africa and Asia, has closed the first Kenyan-Shilling-denominated securitisation deal, injecting $130 million into the East African nation’s off-grid solar energy sector.
The four-year deal is issued under Sun King’s sustainable financing framework, allowing the company to sell its solar products at affordable instalments.
The transaction will help expedite clean and reliable energy access for Kenyan families and businesses, the company said in a statement.
“Over one billion people live off the reliable electric grid. This number is projected to rise. Sun King’s pay-as-you-go service dismantles the up-front cost barrier that blocks consumers from purchasing solar energy systems,” said Anish Thakkar, Co-Founder, Sun King.
“This securitisation could be key to unlocking the extensive capital needed to fund solar energy initiatives at the scale the climate crisis requires,” he added.
Citi, the lead placement agent, arranged and structured the scalable loan instrument. Standard Bank Group was the co-placement agent.