Sun King secures $156m to expand solar access in Kenya
One of the largest off-grid solar firms in Africa, Sun King, has secured $156 million to expand its presence in Kenya’s energy market.This funding will allow the organization to provide up to 1.4 million solar products and smartphones to households and small enterprises, many of which are still without grid access.
The investment comes from a combination of global and local commercial banks, such as Citigroup Inc., Stanbic Bank Kenya Ltd., Absa Group Ltd., the Co-operative Bank of Kenya, and KCB Bank Kenya Ltd. Additionally, development finance organizations like British International Investment, FMO from the Netherlands, and Norfund from Norway also joined in this funding round.
Sun King is a top provider of off-grid solar energy solutions throughout Africa and Asia. The company offers solar kits and battery systems that customers can purchase through small, daily payments. This latest funding follows an earlier injection of $80 million aimed at scaling operations in Nigeria and a $260 million Series D financing round in 2022 to enhance access to clean energy in developing areas.
More than just the total funding amount, this investment indicates a rising confidence in local clean energy initiatives. Notably, the involvement of Kenyan banks highlights a significant transformation, as indigenous capital starts to take a leading role in financing energy access projects that have typically been dependent on foreign assistance.
Kenya, which is already a leader in solar electrification in the region, is actively working towards achieving universal electricity access by 2030. Industry experts suggest that if additional local banks begin to support off-grid solutions, Africa could expedite its energy transition without depending entirely on international support.
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