British International Investment (BII), the UK’s development finance institution (DFI) and impact investor, and Stanbic Bank Kenya (“Stanbic”), have announced their participation in a funding round and working capital facility for Sun King, a leading off-grid solar energy company. The funding round amounts to $130 million, while the working capital facility is valued at $20 million.
The investment aims to support Sun King‘s expansion plans, allowing the company to purchase additional inventory such as solar home systems and lanterns. It will also facilitate customers’ access to new solar products through credit options, funded by investors. This injection of funds will accelerate Sun King’s efforts to provide green, reliable, and modern energy to more households and businesses in Kenya. So far, Sun King has already empowered over 100 million individuals.
The funding round and working capital facility involve various prominent DFIs and commercial lenders, including Absa, BII, FMO, Norfund, Stanbic Bank Kenya, the Trade and Development Bank (TDB), and Citi. These commitments will help stimulate the growth of Sun King by leveraging its market share in Kenya’s off-grid solar energy sector. The funding will enable the company to extend access to pay-as-you-go solar home systems and energy-efficient equipment to underserved customers across the country.
The $130 million funding round is denominated in Kenyan Shillings, providing a significant boost to Kenya’s off-grid solar energy sector.
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 2022, the company closed a $330 million Series D equity round of funding, with participation from private equity investors General Atlantic, M&G and Leapfrog.
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