Sun King Secures $7 Million Boost in Debt Funding from Lendable | TechMoran
Summary
This debt financing, dedicated to purchasing more solar systems, reflects both companies shared commitment to driving positive change, promoting financial inclusion, and transforming Africas energy landscape.In May 2023, Sun King and Citi established a first-of-its-kind, bank-led and entirely Kenyan-Shilling-denominated $130 million sustainable securitisation transaction. The transaction leverages Sun Kings existing and future Kenyan customers payments for solar products to raise funding for further growth and expansion.Arranged by Citi and supported by leading development finance institutions and commercial lenders from six countries across the globe, the investment paves the way for future African securitisation deals and diversifies funding for Kenyas off-grid solar energy sector. Sun King reaffirms its dedication to promoting responsible financial practices, enhancing access to clean energy, and contributing to a more sustainable future. From creating employment opportunities for the unemployed and women to improving household savings for food and school fees as well as eliminating harmful kerosene and gas generators and promoting financial inclusion through pay-as-you-go services, the framework traces how Sun King drives progress across a wide range of SDGs.Sun Kings cost-effective solar systems are revolutionizing how people in Africa and Asia access electricity. They have already brought light and power to 95 million people previously in the dark, while also preventing over 24 million tons of carbon dioxide emissions.These systems offer a sustainable and affordable alternative to kerosene or grid-based electricity, empowering communities to bypass dependence on fossil fuels.We are thrilled to partner with Lendable in our mission to bring energy access and financial inclusion to Africa, said Krishna Swaroop, Sun Kings Chief Financial Officer (CFO).This investment will allow us to reach more communities and create a cleaner, brighter future.