Remarkable in more ways than one, this transaction is distinguished by the fact that it is predominantly financed by Kenyan commercial banks, a first on the continent. ABSA, Citi, Co-operative Bank of Kenya, KCB and Stanbic Bank Kenya took part, alongside international institutions such as British International Investment, FMO (Netherlands Development Bank) and Norfund. Over and above its financial performance, this record-breaking fund-raising reflects the relevance of Sun King's vision and impact, which has already provided over 100 million people with access to solar energy. The company's model is based on simplified access via mobile payment, with tariffs starting from $0.19 per day, making solar energy accessible to all. Already 1/3 of Kenyans have a Sun King product under warranty, and the company has granted over $1.3 billion in microcredits across the African continent, confirming the effectiveness and depth of its network, recently reinforced by the opening of a center in Mombasa (southern Kenya).
This fundraising is part of a wider strategy to strengthen Sun King's ability to operate in local currency in its key markets of Kenya, Nigeria and Tanzania. By reducing its exposure to currency risk, strengthening local capital markets and improving household purchasing power, Sun King exemplifies a new generation of companies capable of combining profitability, social impact and financial sophistication. Sun King had already raised $260 million with General Atlantic in 2022, and forged partnerships with banks and telecom operators.
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