Sun King, the global off-grid solar company, has secured $156 million in debt financing to expand solar power distribution across Kenya.
The financing was led by Citigroup Inc. and British International Investment (BII), the UK’s development finance institution. Other key participants in the syndicate include Stanbic Bank Kenya, Absa Group Ltd., Co-operative Bank of Kenya, KCB Bank Kenya Ltd., the Dutch development bank FMO, and Norfund, the Norwegian Investment Fund for developing countries.
“This deal signals a major turning point for green energy finance in Africa,” said Anish Thakkar, co-founder of Sun King. “It shows that African commercial banks believe in the power of pay-as-you-go solar and are ready to back it with serious capital.”
Sun King’s solar systems are designed to reach households in off-grid and underserved communities where traditional electricity infrastructure is either too expensive or completely unavailable.
The company uses a pay-as-you-go (PAYG) model that allows low-income customers to purchase solar-powered lighting and appliances in affordable installments using mobile money platforms.
In Kenya alone, over 8 million people still live without reliable access to electricity. This investment is expected to help bridge the gap by enabling Sun King to deliver solar home systems to an estimated 1.8 million Kenyans in rural and peri-urban areas.
This financing also opens up potential for gender-inclusive energy access. Studies have shown that women, especially in rural households, disproportionately bear the burden of energy poverty,spending hours collecting firewood or cooking with harmful fuels. Access to solar energy improves health, saves time, and enables women to pursue economic and educational opportunities.
A New Era for Green Finance in Africa
This deal is being hailed as a milestone in green finance innovation, combining local and international capital with climate-smart technology solutions. By proving that solar projects in Africa are bankable and scalable, it sets a strong precedent for future climate investment flows into the continent.
With this infusion of capital, Sun King plans to scale operations, improve product offerings, and reach more homes in Kenya and beyond. The company is also exploring ways to integrate solar-powered irrigation, cold storage, and microgrid solutions to support broader community development goals.
