BII and Stanbic in double commitment to off-grid solar energy company
British International Investment (BII), the UK’s development finance institution (DFI), and Stanbic Bank Kenya, a member of the Standard Bank Group, have announced commitments to Sun King, an off-grid solar energy company, through a $130 million funding round and a joint $20 million working capital facility.
Targeting further expansion, Sun King is backed by prominent DFIs and commercial lenders, including Absa, BII, FMO, Norfund, Stanbic Bank Kenya, the Trade and Development Bank (TDB), and Citi. These two complementary commitments will enable the purchase of more inventory such as solar home systems and solar lanterns, and facilitate customers’ access to new solar products via credit, securitised and funded by investors – catalysing company growth. To date, Sun King has powered the lives of over 100 million people. These investments will accelerate Sun King’s ability to equip more Kenyan households and businesses with green, reliable and modern energy.
The entirely Kenyan-shilling-denominated securitisation deal provides a $130 million capital boost to Kenya’s off-grid solar energy sector and leverages Sun King’s share of the market – extending access to pay-as-you-go solar home systems and energy efficient equipment for underserved customers across the country.
Providing an additional $20 million working capital facility to support Sun King, BII and Stanbic maximise the company’s capacity to deliver more high-quality affordable products to an underserved market with rising demand.
Sun King designs, distributes, installs and finances modern solar energy solutions for individuals, households and businesses who cannot access, rely on, or afford traditional electric grid connections. In Kenya, three out of every ten Kenyans live without access to electricity. The facility will allow Kenyan households and businesses to transition to clean, reliable and affordable solar energy and appliances.