Landmark Deal Signals Growing Role of Local Capital in Africa’s Green Energy Transition
Sun King, a leading provider of off-grid solar energy in Africa and Asia, has secured a groundbreaking $156 million local-currency securitisation deal—the largest of its kind in Sub-Saharan Africa outside South Africa. The funding will enable the expansion of clean, affordable solar energy to 1.4 million low-income households and businesses across Kenya.
The landmark transaction is designed to help communities move away from polluting energy sources like kerosene and diesel, supporting a just energy transition in one of Africa’s most dynamic off-grid markets. Nearly one in three Kenyans currently uses a Sun King solar product, underscoring the company’s deep market penetration and impact.
Structured by Citi and placed by Stanbic Bank Kenya (part of the Standard Bank Group), the deal is backed by a strong coalition of financial institutions including:
Absa Bank Kenya, British International Investment, Citi, Co-operative Bank of Kenya, FMO (the Dutch development bank), KCB Bank Group, Norfund, and Standard Bank Group.
This marks the first securitisation in the region to be majority-financed by commercial banks, a milestone that industry analysts say reflects growing investor confidence in renewable energy and local financial systems.
