Sun King Secures $156M to Expand Kenyan Footprint

Solar energy company Sun King has secured $156 million in funding to scale up its off-grid solar and pay-as-you-go solutions across Kenya.

The financing is backed by five commercial banks including Absa Bank Kenya, Citi, Cooperative Bank of Kenya, KCB Bank and Stanbic Bank Kenya and three development finance institutions – British International Investment, FMO and Norfund.

The funds will enable the connection of 1.4 million low-income customers to Sun King’s prepayment solar energy systems.

Anish Thakkar, Co-Founder of Sun King said the deal reflects growing confidence among African commercial banks in the viability of pay-as-you-go solar systems.

“Return-seeking, local capital in local currency is essential to unlocking the scale and speed needed to achieve universal energy access,” stated Thakkar.

Sun King has provided $1.3 billion in solar loans to approximately 10 million customers in Africa.

Sun King has to date issued over $1.3 billion in solar loans to approximately 10 million customers across Africa.