Sun King, the largest supplier of off -network solar energy solutions, has managed to close a landmark 156 million dollars (KES 20.1 billion) securitization To speed up access to affordable solar energy through Kenya.
The agreement would be the most important in sub -Saharan Africa, outside of South Africa, and the first to be mainly supported by commercial banks.
The agreement is supported by Five commercial banks who include Absa Bank Kenya Ltd, Citi, the Bank of Kenya cooperative, KCB Bank Kenya Limited and Stanbic Bank Kenya Ltd and Three development financing institutions—Brish International Investment, Dutch Development Bank FMO and Norfund (Norwegian Investment Fund for Developing Country).
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Funding will allow 1.4 million low -income and companies To access electricity, a lot for the first time, reducing dependence on expensive and polluting fuels such as kerosene and diesel.
The securitization is built on the Sun King premium $ 130 million transaction completed in 2023. Thanks to its payment model, Sun King allows households to access solar products with Small flexible payments from $ 0.19 (Kes 25) per day via mobile money. To date, the company has extended $ 1.3 billion in solar loans to nearly 10 million customers across Africa.
Speaking on the funds collected, Anish Thakkar, co-founder of Sun King, said,
“”This agreement signals a major turning point for the financing of green energy in Africa. This shows that African commercial banks believe in the power of solar paying both and are ready to support it with serious capital. The capital of the local currency is essential to unlock the scale and the speed necessary to achieve access to universal energy. »»
Also comment, Jorge Rubio Nava, world leader in social financeNote that securitization highlights the impact of innovative financing models.
In his words, “”It demonstrates the effectiveness of payment models to achieve poorly served communities and the role of development financing institutions in the mobilization of private capital. »»
Founded in 2007, Sun King designs, distributes, installs and finances solar energy solutions for 1.8 billion people without reliable access to electricity. Solar lanterns and profitable domestic systems which offer entry-level access to electricity to powerful solar systems on a multi-kilowatt scale which offer electrical equity with the traditional electrical network, Sun King Sun King products meet various power and light needs through Africa and Asia.
Thanks to the innovative design of products, funding for affordable remuneration and a basic field team of 15,000 agents providing installation and service, Sun King has fueled the lives of more than 82 million people.
The company is currently operating one of the largest direct distribution solar distribution networks for direct consumption to consumers, increasing by 150,000 new customers per month in seven countries. In Kenya, one in five people use Sun King, with 18 million Kenyans benefiting from their operations for a decade.
According to Gogla, the Global Association for the Out of Network Solar Energy Industry, Sun King now represents 38% of PayG solar income on the industry level. This growth has eliminated 22 million tonnes of carbon dioxide emissions and allowed consumers of $ 4.4 billion in energy costs.
Continuing its mission to provide energy independence, the company recently expanded its solar inverter line with the launch of the PowerPlay Pro. This new product is designed to provide an uninterrupted power supply to houses and businesses, further strengthening Sun King leadership in the outstanding solar industry.
With this new funding, Sun King is already proposing 30% of Kenyan houses, plans to finance approximately 1.4 million solar and smartphones in Kenya. Combined with its securitization in 2023, the two transactions will support the delivery of About 3.7 million solar and smartphones.
For the future, the company plans to extend its presence on the existing markets and to explore new regions where solar energy can have a significant impact.
